Buying a home today, May 2007 on the Main Line and a little further west is not hard, there is an increasing inventory, and prices have stabilized since last year. However, be prepared for multiple offers, yes that is right, we have heard of many homes receiving multiple offers, so be ready. Whilst the market has shifted towards a buyers market, there are many well priced homes for sale, in great condition, looking for a new owner.
Buyers, every market is a local market, do not believe everything you read in the national newspapers and online reports. We have seen a robust and active spring market on the Main Line. Homes priced correctly are selling quickly, sellers are aware the market has turned and are flexible. So don't be foolish by making low offers that result in long drawn out negotiations just for the sake of it, that give other buyers time to jump in and make an offer as well that results in you having to pay over asking. If you like the home make an offer with inspection, mortgage and insurance contingencies but make a reasonable offer and tie it up quickly. Many buyers are dragging their feet, waiting, for the price to drop, to see what else comes on the market etc. Now is the time to make an offer, we are in the height of the spring market, summer is just around the corner.
Many of the homes that are sitting have a reason, but sometimes a home gets lost in the clutter, so look through older listings, sometimes agents forget or discount a house simply because it has been on the market for a while when it is now good value. You also cannot tell everything from driving by, sometimes the inside does make up for poor curb appeal. This is where your agent is worth their commission, they should be able to tell you about the homes you want to see. Whilst we cannot see everything on the market many of us try to see all new listings. I know from experience that clients have discounted a home from the interent, which I have seen in person and then after showing them the home it became the home they bought and love.
So May 2007 is a great time to buy, interests rate are still low and resonable and there is plenty of homes to choose from. So get out and visit some open houses this Sunday and see if you can find your dream home.
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Nick, you are absolutely right. In some areas, in some price ranges, it is a strong Sellers Market. (Westchester School District, under $300,000, for example) Multiple offer situations are not unusual when the absorption rate is 2.4 and your property is priced competitively. Why it was only a month or so ago when I showed one of Trudy's listings, and as I was pulling out of the driveway, you called me to tell me you had an offer on the table.
I always prepare my buyers by helping them understand that if they are falling in love with a house, chances are, so is someone else. If they see something they like, they need to be ready to put a serious offer on the table, quickly. Few things are worse than getting excited about your new home, only to find out that it is going to be someone else's new home, instead.
I am seeing a strong market with the Homes / Commercial Properties being Inspected currently on the market less than 30 days.
Your market may vary....