Market Statistics on the Main Line, PA

By
Real Estate Agent with Long & Foster Real Estate Inc

I was looking at some market statistics yesterday and realized that whilst everyone is all doom and gloom the picture is not so bad. Yes, there are certainly more homes on the market now than last year. Actually it has nearly doubled in every county I looked at, Chester, Delaware and Montgomery.

But, sales have also increased over last year, yes, more homes were sold in each county, than the same period last year. Prices are pretty stable in our area according to statistics, however buyers are putting low offers in on most properties, but if homes worth more are being sold it pushes up the median home price and does not give a true reflection of price.

Now admittedly there are more homes on the market than can be absorbed and days on market has increased, but that statistic keeps coming back to me, more homes sold than this time last year. So do not be discouraged if you are a seller. But what does it mean to you.

You need to price it right. You need to make your home stand out from all the rest. It needs to sparkle, it needs to cry out to be shown to buyers. Buyers cruising the internet need to call their agent and say, "Why haven't you shown me this property?" And did I say you need to price it right. That is the most important thing at the moment. You are not going to get the last penny out of your home sale whatever you think. Prepare your home for sale, get it looking beautiful and be reasonable and you will sell your home fast.

If you do get an offer, work it, don't get insulted, don't try to be clever, just treat it as a business decision and listen to your realtor.

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Anonymous
Jones

Typical of someone who is in the real estate business to hype it up, unfortunately as HGTV plays reruns of flip this house, there are great numbers of foreclosures and increasing problems with people getting mortgages. Main line prices will fall, and fall fast they will, philadelphia is no New York and any recession and you will see 25% price reductions. Buyers do not buy your 'its actually good' save that for an ape.

Try to be honest with others, or you will find yourself selling houses to other real estate agents. Its time 6% became 0.6%

Nov 07, 2007 10:36 PM #1
Rainmaker
297,657
Nick & Trudy Vandekar
Long & Foster Real Estate Inc - Devon, PA
Realtors - Selling the Main Line, PA Lic AB067198

Jones,

Thanks for the comment. Maybe you are right, however, HGTV tends to concentrate on the California and Canadian market for their flip programs. California is suffering as it was over-heated. Even the local papers here are starting to say this market is basically neutral.

But this past three weeks I have heard of at least five houses that have sold in our area with multiple offers! That is not hype, that is reality. Some of those were well priced new listings, some were older listings that reduced their prices, but there are buyers out there that are looking and buying. In every market there are opportunities. I see every day houses that have settled in our area, that is not hype.

Another example is in Old Forge Crossing in Devon, last year over 50 homes sold in this community, to date there have been 23 homes settled and I think there are three homes listed at the moment. Because of that situation, whilst prices have not increased in this commmunity, it is one of the cheapest and best values in our area, so there is demand. Therefore homes have been settling much quicker than last year when there was a larger inventory.

If you blindly want to accept the national papers you will miss oppportunities that are presented. I agree that the market is soft and has softened even more since I wrote that piece back in August but another example is Chesterbrook. Yes the inventory has grown and homes are taking longer to sell.  However we have a new listing there and in the past two weeks we have had over 30 buyers come through to look. There are lots of buyers out there. Buyers are more demanding than they were, but if you look at inventory and other statistics you can see what areas of the market are buyers markets and which are neutral and which are still sellers markets. It is that information a good agent brings to the equation.

If you just accept that prices are too high you are going to miss the opportunities that are presented. That does not mean that you do not make offers and simply accept the asking price, you have to try to purchase a home for the best price, but you need to do that without allowing emotions to intervene. Most people buy homes because of emotion, not as a pure business decision, you can always choose to walk away from any deal and look for the next one because of a business decision and this may make you a strong negotiator, but if you love a certain home you sometimes have to be willing to be flexible and accept that you need to bend a little to allow the seller what they want as well if you have to have this home.

The mortgage situation is also making itself felt. Only well qualified buyers are now able to get loans. That removes a large number of buyers from the market who were getting loans. Is that good? No! As agents we like to see as many people get a home as possible, but they also need to be able to afford what they purchase. Being house poor is no fun and the mortgage market was allowing people to buy homes who had bad credit or no credit at 100%. Was that wise, of course not.

You raise another point entirely at the end of your comments, commission, but give no reasons why you think agents should get paid 0.6%. Who do you think gets the 6%. Do you understand that 3% goes to the buyer's broker and 3% to the sellers broker. That 3% is then split between the broker and the agent. So no one is getting 6% in their pocket. Should it be less? Sure, we all like a bargain that is why stores like TJ Maxx exist, but you are dealing with one of the largest financial investments of your life do you really want to be unrepresented or have someone representing you who is not well educated in this field. Just as if you go into court, or into surgery, you want someone who knows what they are doing representing your intterests. Do you want someone representing you who is more interested in volume than quality service, who just wants to get the deal done. Yes, as a consumer I think commissions should be less, but they need to be fair to those representing the parties to the transaction as well. Everyone needs to make a living.

Nov 08, 2007 04:28 AM #2
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Rainmaker
297,657

Nick & Trudy Vandekar

Realtors - Selling the Main Line, PA Lic AB067198
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