This Week In Housing

Here in Chester County, there has been a very minimal increase in the number of homes for sale despite all of the experts forecasting a large increase in homes for sale on a national level.   Why is this the case?

1. Senior homeowners don't have a cost-effective choice.  Many boomer homeowners want to make a downsize or lifestyle decision. With the lack of options and increased costs, a move no longer makes sense.  

2. Because of the continued lack of inventory, good homes are selling quickly. The only positive for current home buyers is there are fewer competitors. Others have been priced out because of interest rates. 

3. We have not seen large-scale price reductions because inventory remains low.  Only homes with an Aspirational Price  (home priced beyond a most recent escalated price) may have experienced a price reduction.

Buyers are being more cautious because of the lack of available cash in their budget to make repairs or cosmetic changes. Homes in good condition will sell well.  Homes in less-than-stellar condition will need to be priced appropriately to sell.

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