Spring is on the way, which means the housing market is blooming! Typically it’s an ideal time to sell - so what about those of you looking to purchase a home?
Should you buy during a spring market? What things should you be aware of as you begin your search?
The answers you’re looking for are here!
First, let’s take a look at the current market conditions for both Pennsylvania and New Jersey. As we can’t dive deep into all the communities, we’re picking two counties for this exercise (if you want information on a specific county, township or neighborhood in either state - CALL US!)
Chester County, PA - So far in 2023:
825 Homes were listed for sale with a Median List Price of $495,000
554 Homes sold at an average sold price of $517,419
In January 328 Homes were marked as pending sale & 293 in February
The average days on market came to 29 days in January and 26 days in February.
Cape May County, NJ- So far in 2023:
1,413 Homes are currently listed for sale with a Median List Price of $699,000
The Sale-to-List Ratio came to 96.99% (meaning homes sold for 3.01% below asking price)
The average days on market came to 86 days
Note: this is only for January as February’s data has not been released yet.
It shows how the market is moving across states but not one area is moving at the same pace as the other. In some places, sellers have the advantage with the lack of inventory and buyers feeling more confident about their ability to purchase a home. In those environments, there is a high likelihood for multiple offer situations and having to negotiate away some contingencies. On the flip side, buyers have the advantage in other markets thanks to the increase in financial programs & grants and better inventory levels.
What it comes down to is the location. So where do you want to buy your new home? That answer will dictate how you’ll need to prepare. And to do this well, you’ll need a Real Estate Expert who’ll be able to provide you with the most accurate data, help explain what all the numbers mean, and use their experience to determine the best strategy to buy your home in the months ahead.
ready to team up with local experts?
We, The Steve Ritter Team, are ready to help you find and purchase your dream home in both Pennsylvania and New Jersey!
We promise to educate you throughout your Real Estate transaction in order to make the experience as stress-free as possible. We will tell you the truth, expand your thinking, and help you make the best financial decision for you and your family. We are dedicated to providing exceptional service in order to earn the right to be your Real Estate professionals for life.
But don’t just take our word for it…
“Anna & Steve, Thank you so much for all of your help and guidance as we bought our first home! I am so glad Renee recommended you, Anna. We felt so comfortable going to you with questions and we’re grateful for the insight and advice you gave us with all of the home buying process. We’re so lucky we didn’t have to worry about that, and that’s thanks to you! ”
““I can’t really say enough about Steve and Andrea Ritter. There is just no way my husband and I would have gotten to the finish line of buying our first Sea Isle City vacation home without them. We live halfway across the US, but Steve and Andrea did not make our distance a barrier to finding the oceanfront home of our dreams. Within hours of identifying properties, they’d facetime tour us around the island for private showings, giving us honest feedback about each property we toured. When we found “the one,” they orchestrated every detail to follow, all the way through to close, from forging connections with local realtors that would help us market and share our new home, as a summer rental, to helping us set up our utilities, to helping us learn as much as we could to feel at ease about owning something so far from our home base in the mountains. Steve and Andrea had our best interests at heart from start to finish and they were there for us, through our myriad of questions and buyer support needs, every step of the way. Besides that, Steve and Andrea are just delightfully fun to work with. They’re actually a blast. I recommend the Steve Ritter Team 100 times over, to anyone looking for a slice of paradise in Sea Isle City.”
The Steve Ritter Team is not your average Real Estate team. We are a team of family members: When you work with us, you get four people that are all working towards your goals, while still getting the individual attention that you want. Use the form below to get in touch with us today!