Published April 10, 2020
Video Market Update - Home Values During Pandemic
We hope that this message finds you and your families safe and healthy! In an effort to keep you all up-to-date on the constantly changing local Real Estate market, we wanted to share updates with you, our friends and neighbors, to stay plugged into our current trends. As always, call if you have any questions or need our guidance or expertise.
Home Values in Pennsylvania
Let’s start with the good news….You live in a state that is historically stable in terms of real estate appreciation. In contrast to states such as California and Nevada, Pennsylvania tends to maintain appreciation balance regardless of swings in the economy. It’s important to note that PA doesn’t appreciate too much, nor too little, and although appreciation values are flattening some, we are consistently listing homes for sale. One reason is that sellers realize that their home has appreciated well over the last 12 years…and more, keep reading.
What’s Happening in Chester County and Nationally
After a brief roller coaster ride of interest rate fluctuations, we’ve seen some recent stability. Buyers are taking advantage of these unprecedented low rates and are still actively searching the market. We have responded quickly by implementing government safety recommendations, and by leveraging technology, have created a uniquely effective, yet socially responsible, buyer and seller experience. We all must do our part to speed up the recovery process.
In the meantime, here is snapshot of activity in Chester County:
In just the last 7 days,
- 1,245 Active listings on the MLS in Chester County. 58 of those were New Listings.
- 73 listings were temporarily taken off the market which is slightly higher than typical.
- 80 listings expired which is slightly higher than typical.
- 42 Listings went under contract or pending, and 139 homes closed.
As we move ever closer to getting through our current state, we fully anticipate that real estate will experience a resurgence to our previous Spring market. Buyer demand is still very present as is our extremely low inventory. We are confident that interest rates will continue to stabilize and stay low while home value appreciations will be monitored closely. Most importantly, please Stay Safe! We are here for you every step of the way!
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