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Hot off the press, we’ve got the May edition of the Philadelphia suburbs real estate market report. Let me start by saying I think that 2016 is going to be a phenomenal year. I think in the last couple of years we’ve been in some degree of recovery mode, but I think we’re ready to shift gears and move into the expansion mode.
I’m not the only one who thinks this; the most recent Freddie Mac market outlook says this year will be the best in a decade! The numbers back up what they’re saying. Homes sales in January and February both beat 2015’s numbers - and last year was a good year. Foot traffic - people out looking and walking through houses - has skyrocketed since December.
Lately, I've had so many buyers think they can do it on their own, calling to see homes on Zillow and Trulia, but by the time they get all the info, it’s out of date or sold. Homes are being sold so quickly in today’s market that if you don't have an agent, you’ll never get your dream home before someone else steals it from under you!
As for home prices, Case-Shiller reports that home prices are sliding back up into the 5% change area, which is uncommon, and indicative of the fact that the shortage of homes is driving up prices. If you’re on the fence about moving - the answer is clear! Now is the time! People listing with us are selling in days and seeing multiple offers above list price.
That’s the market we’re in right now, folks. If you’re thinking about buying or selling, get in contact with me!