Philadelphia area Market Update

It's been a cold and snowy winter throughout the Northeast this year. There's no denying that it's had an affect on homeowners listing their properties for sale and buyers getting out there to tour homes. This past weekend I was taking clients out and 2 of the properties had no access to the doors because of almost 2 feet of snow! Others were a little easier to get into, although boots were a must!

In Montgomery County, there are 3,321 homes on the market compared to 3,428 in January 2013. Overall, pending sales are 11% lower than last year, although scheduled showings requests are 7% higher.

Here is a snapshot of TrendMLS.com sales activity

Click to enlarge

A Snowy Monday Market Update

I don't know about you, but I'm ready for Spring! Todays massive snowfall is really cramping my routines...
But on a positive note, even with the Polar Vortex and snow days in the Philadelphia region, homes are still selling. I'm actually negotiating a deal today while watching snow fall outside!

Nationally, 2013 ended on a high note: December homes sales were the highest in 7 years and the median sale price for the entire year was 11.5% higher than 2012.
January started off slow due to the weather and economic uncertainty, but the past week saw an increase in mortgage applications and 30 day low interest rate! So buyers are ready even if mother nature is not!

Locally, the average sale price was anywhere between 2 to 6.9% higher this year from 2012 and in Montgomery county, closed sales increased by 11.5%. Our area is continuing to stabilize, making it a good time to buy and sell homes.
Hopefully the weather will stabilize too!

If you're wanting to sell your home this year, here are a few tips you can do now- even in the cold and snow

1. De-clutter and de-personalize. Clean out closets, take down excess photos- especially large family photos, pack those knickknacks away.
2. Remove wallpaper and paint with neutral colors. Buyers like clean, pretty walls
3. Talk to a Realtor and get a realistic price point. They can suggest other staging or maintenance repairs to complete prior to listing as well.
4. Hire a Professional Real Estate Agent you like, trust and feel will get you the best terms.

You can contact me for tips and tricks when entering the real estate market!