Every Tuesday is "Brokers Open House Tour" when new homes are open to REALTORS, agents and brokers to preview for clients. Whilst these are usually homes that have just come on the market sometimes the listing agent will hold one of these for a home that has been on the market for a while to give any agent who has not seen the home a chance to see it without making an appointment.
Trudy and I probably see anywhere from ten to twenty houses on a Tuesday. This helps us to find homes for our clients as well as pricing homes we are about to list. It allows interaction with other agents and you get a feel for what the market is doing from their response and if a home sells quickly. Some houses are overpriced, some are good value but need work in kitchens and bathrooms and some are just right.
This week we saw a variety of homes but the majority were in the $500-700,000 range in Tredyffrin/Easttown and Radnor areas. There does seem to be a lack of homes comng on the market at the moment and with this dearth of new listings many are selling quickly with mutliple offers, as well as old inventory selling at reduced prices. We were surprised at the number of homes going under contract in the last two weeks, it was very busy with large numbers of homes selling. It is a good time to sell as interest rates have remained low and until this week the weather has cooperated bringing plenty of buyers out to look for homes.
We saw several split level homes for sale, least liked among buyers these homes do give plenty of space and if updated can be good value. Often they need the bathroooms updating, the old pink, grey and turquoise tiles removed and a more modern look introduced with new tubs and sinks and upgraded lighting as well. Those homes that have done this do well with buyers who seem currently to not want to do work on a home they are buying. So if you plan to move in the next 12-18 months update now and get some enjoyment out of the rooms yourself as you probably won't get the full financial investment back from doing the work. If you want to know the best improvements to make email me and let me send you the NAR report on what gives the best return.
