Main Line Homes Blog

head_left_image

Are house prices really rising on the Main Line?

I once had an economics professor say "You can make stats tell any story you want! You just need to know how to manipulate them." Are house prices really rising on the Main Line?

In the tri-county area according to information released by Trend MLS for September average price has risen by 7.8% although sales are down 28%, compared to last September, all this with rising inventories and stories of buyers having problems qualifying for mortgages.

So what is really happening on the Main Line? Every day when I check my MLS I see large numbers of price reductions across the system, Mondays, Thursdays and Fridays being the worst for this. What also happens is agents re-list to get around the stats of their selling price being low compared to asking price. By re-listing at the lower price when it sells their stats remain good compared to what they first told the owner. This skews the numbers as well.

We have compared numbers for price per square foot in local townships and the results were mixed. you can see these on our website. Certainly what we saw was that Lower Merion and Radnor prices had risen over the previous months this year; however, Easttown and Tredyffrin prices had dropped per square foot. We like the price per square foot because it is more realistic than an average price which can be skewed by high priced homes selling.

What is also true is that specific townships vary from each other. You should not listen to national statistics, and better still try to get the numbers for your township and make sure they are current. In some townships specific streets and developments may buck the township trend, so it is important to draw the right conclusions if you are selling or buying when you make decisions on price.

Selling you do not want to overprice your home in this market, so you need more than ever to get the price right from the start as price is the main reason homes are not selling today according to surveys and experience. Priced right you will have lots of interest and the ability to negotiate with qualified buyers, priced wrong you will have people who may be unqualified making low ball offers, or it may not appraise if you do obtain a high price.

Buying, whilst it is a buyers market, you need to make a sensible offer that stands a chance of being accepted, that allows you to negotiate with a seller who is interested in reaching the settlement table with you and willing to accept what needs to be done financially following home inspections.

Using a Realtor who knows the local market, who knows the difference between Bryn Mawr, Haverford and Havertown and is involved on a daily basis in negotiations makes the difference, even if you are not an engineer or accountant you want your agent to know what is happening in your neighborhood because all real estate is local, very local.

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

  Twitter link  Linked in linkl our blog RSS feed of MainLineHomes Blog

Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market. 

 

Comment balloon 2 commentsNick & Trudy Vandekar, 610-203-4543 • October 29 2010 11:26AM
Are house prices really rising on the Main Line?
share
I once had an economics professor say "You can make stats tell any story you want! You just need to know how to manipulate them. " Are house prices really rising on the Main Line? In the tri-county area according to information… more
Relationships - friends, family, clients
share
Everything, not just real estate is all about relationships, friends, family, clients, it all revolves around the relationships we have with each other. Depending on that relationship is how we view each other, how we empathize with a client and how… more
Need a 2 bed apartment to rent? This one in Devon is great!
share
2 bed 2 bath apartment to rent in Devon. Located in Old Forge Crossing, this second floor apartment has been recently updated with fabulous new bathrooms and kitchen with stainless steel appliances. Granite counters, light cabinets and… more
Is an earned income tax inevetable for Tredyffrin and Easttown…
share
This past week, the Tredyffrin and Easttown School District held an informational meeting at Conestoga High School about the introduction of an earned income tax to supplement the school district budget. Earler this year Easttown had considered an… more
Just Reduced! - Townhomes sell for more!
share
This beautiful home sits on a great lot at the quiet end of a cul de sac in West Brandywine Township. Our client just reduced the price and is interested in looking at an offer. I have seen townhomes sell for more than the $317, 900 this home… more
The single most important thing to getting your home sold
share
What is the single most important thing you can do to sell your house? I surveyed several agents and sellers what they think is the best thing you can do to sell your home and overwhelmingly it revolves around PRICE!. Yes, nearly everything you can… more
Open House this weekend in Bryn Mawr Sunday, October 17 2-4 PM
share
Come visit our listing in Radnor township located at 328 Highland Lane, just opposite Coopertown Elementary School in Bryn Mawr. Open Sunday October 17 2-4 PM. great location for easy access to Bryn Mawr, for hospital, restaurants, shops and… more
Getting a mortgage and buying a house is all about being prepared…
share
All the news everywhere is about how difficult and hard it is to qualify for a mortgage, and even when you do, the rules and requirements from underwriters make the whole process tiresome and frustrating. But as with everything, it is… more
Preparing to list your home and selecting an agent
share
This blog is inspired by a post from a comment on Jeff Belonger 's blog Should we hide our past business experiences in posts, based on comments in a post by Patricia Kennedy on When they say mean things about their first agent In Jeff's… more