Should I Continue Looking for Homes to Buy This Summer?

Insights and what to expect in the housing market in Chester County.

Today, I have exciting news to share with you and a quick update on our housing market. First, the announcement: I’m excited to tell you that we have moved to a new office, which is closer to town and has much better parking! We’re really looking forward to serving you from our new home, so stop on by if you need anything real estate related. 

Next, let’s talk about our market. I recently read an article from Fox Business where they interviewed Dave Liniger, the founder and CEO of RE/MAX, a company where I spent the first nine years of my career. Dave has understood the real estate market, and his predictions are usually spot-on. In the article, he discussed current market conditions, which are still challenging for buyers due to a severe lack of inventory. The national median sales price for a single-family home has risen to a staggering $397,000, a 5% increase this year that caught many by surprise.

"As more homes become available, buyers will have more options to find their dream homes."

One reason for this is because interest rates haven't dropped as expected. Everyone was anticipating five rate drops from the Fed this year, but they haven’t made any yet. The prediction is that rates will remain fairly stable for the rest of the year, but as they start to come down, more homes should become available. An estimated 9 to 11 million buyers in the country are still searching for real estate, indicating a lot of pent-up demand. Here in Chester County, we are seeing similar trends, although our average sale prices are higher.

A few homes are hitting the market through the summer months, and as more homes become available, buyers will have more options to find their dream homes, which will be a relief for our market overall. 

Keep your head up and keep looking at real estate. We’re here to share any inventory we know of. We know properties hitting the market that are not yet on the MLS. We can be a good resource for your local real estate in Pennsylvania and Delaware.

If you have any questions or would like to discuss your options, we are here to help. You can contact us by phone at (484) 588-5000 or send me an email at RoryBurkhart@RBTHomeSales.com.