The 2010 real estate market in Tredyffrin Easttown School District appears steady. Looking at sales of homes priced above $400,000 since the beginning of the year, we see sales as lackluster in the winter months of January and February, 18 and 16 homes selling respectively, 17 more settled in March, whether this was the winter blahs or the economy it is hard to tell, snow storms definitely affected showings and Open Houses, but so did the predictions and feelings about the economy. Sales were definitely down on previous years, and the extended tax credit did not seem to be having an effect in the early part of the year.
Reaching the Spring we see April sales rise slightly to 24 homes with May at 30, June jumping to 38 and settling back to 22 in July. As the tax credit was expiring in June, much of this rise is probably accountable to the tax credit causing home buyers to act before losing the benefit. Homes needed to be under contract by the end of April and settlement needed to be on or before June 30 before this was recently extended, this accounts for the large jump in June. However, whilst activity has dropped since then, sales were still happening and July with 22 whilst not fantastic does allow homeowners who need to sell a modicum of relief in that there are buyers out there, with mortgages or cash who can reach settlement.
What is important is that prices have dropped, and the homes which are selling have been aggressively priced compared to the past. Buyers are being aggressive asking for and receiving sellers assists whilst at the same time being demanding about what they want. The inventory of homes has allowed buyers to demand more and they have been rejecting those homes that don't meet their requirements. Wallpaper, location, older bathrooms and kitchens all have caused homes to stay on the market rather than receive an offer.
So the advice to those selling is strip the wallpaper, neutral paint, hire a stager, tidy up the landscaping and price realistically for the market. Make your home attractive to buyers, not just visually, but also value wise. Look at it through the eyes of the buyer. If you truly compare it to what else is on the market is it good value?
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
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.