Are you ready to make a move this year?
Are you overwhelmed by the idea of selling your home?
This post is for you!
The 2023 local real estate market is showing signs of a balancing - meaning that the opportunities for sellers and buyers are equalizing. In the national forecast, predictions show a slow down in home sales due to the demand for housing continues to outpace supply but an increase in median home prices - though that increase is just 0.3% up.
“This housing cycle we are currently experiencing is very unique. Buyers and sellers are retreating. One would think with sellers lowering prices, but that is not what we are seeing...
We will see fewer multiple offers, but also sellers will not have to drop their prices by much.””
Locally we are seeing some of this coming true: New listings dropped at the end of last year and picked up slightly in January. In Chester County, we saw 545 homes listed in October, 389 in November, 251 in December, and 369 in January; In Delaware County it was the same: 582 homes were listed in October, dropped in November to 432 homes, another drop in December to 323, and then rose in January all the way up to 471 homes.
Median sold prices also saw the same trend as national predictions. Let’s start in Chester County. The median home sale price in October came to $475,000, dropped slightly to $465,000 in November, dropped again in December to $430,500, and then rose to $458,000 in January. Now in Delaware County, the home prices told a slightly different story: $283,000 was the median price in October and then rose in November to $302,000 with another increase in December to $305,000. Prices dropped in January to $265,000 but remember these are median prices - some homes are still receiving top dollar. (Local stats based on Bright MLS Market Statistics Reports).
With the shift from such a strong seller market that we had the past year or so, sellers will need to adjust some of their expectations during the home selling process. We’ll be sharing tips and resources for sellers from now and throughout the upcoming spring market to help you be prepared. Here’s what we’ll cover:
Find a Trusted Professional
Pre-Listing Preparation Tips
Understanding the Value of Your Home
Handling Showings and Open Houses
Processing Offers and Negotiations
What To Expect When You Accept An Offer
Conveyancing & Transaction Management
Packing and Moving
Can’t wait for these to be released? Give our team a call or fill out the form below to obtain our Home Seller’s Guide and to schedule a free, no obligation consultation!