Today's Philadelphia real estate market is hot with low inventory as homes are going under contract as quickly as they become active. Spring going into Summer is only improving for eager buyers with a high report of household income. As the effects of 2020 seem to be petering out, homeowners can get back to achieving financial stability. Philly job opportunities are in demand, whether it is back to the office minimally for some or permanently working from home for most.
The balance between supply and demand in the housing market has shifted in the last year, and all the signs are pointing to inventory going fast. While the collection of homes on the market has grown, the demand is still higher, and homebuyers compete to find their perfect home and win bidding wars, which have become a common occurrence. While it may take some time to return to normal fully, all the signs point to a brighter future. More sellers are likely to enter the market as life returns to normal, and buyers who were forced to seek new housing due to lack of space will slowly leave the market. Similarly, after hitting an all-time low, mortgage rates are likely to start rising along with the overall cost of housing, which will further suppress demand and help restore balance in the real estate market. Favorable odds still point towards buying a home over renting a home.
By putting my clients' needs first and effectively communicating and negotiating on their behalf, I can deliver outstanding service and results. My deep understanding of the real estate market allows me to advise and guide my clients through the home buying process successfully. To learn more about how homeownership can better your financial position and become a sound investment in your future, contact me at NicoleCarterRealtor@gmail.com.
