True story – Beiler-Campbell Realtors listed a home in the mid $300K’s in the Avon Grove School District for sale. Pictures were taken, rooms were measured, and the listing went on the market on a Friday. After multiple showings and offers, the home was under contract within 24 hours of listing, at above asking price. Weary home buyers see this scenario repeated every week. It’s not your imagination that there are less homes on the market for sale. There are close to 20%* less homes for sale in our region today than 6 years ago. Combine that with an increased number of buyers and it creates a fast-paced market. So, what is bringing so many buyers to the real estate market?

HOME RE-EXAMINED 
During the pandemic lock down, “HOME” became more important than ever. Things like security, comfort and living space became priorities. The desire for a place to call your own increased and buyers decided not to wait to buy a home that checks all the boxes.

STILL HISTORICALLY LOW INTEREST RATES
The current low interest rates allow home buyers to buy a larger home and enjoy lower monthly payments. This also encourages renters to become buyers - in southeastern PA, rent prices are comparable to a mortgage payment.

NOTHING NEW
In 2019, southern Chester, Lancaster and Delaware County’s stable job market, thriving economy and low interest rates created a surplus of buyers. Last year’s house hunters that didn’t find their home are still looking this year.

REMOTE WORKING CHANGES PARAMETERS
Telecommuting allows people to live further away from their office. This leads buyers to move to a less populated area and take advantage of purchasing more home for a better price than in urban areas. Realtor.com found that in the second quarter of 2020, 51% of people from urban areas using their site to shop for homes were looking in the suburbs.

MORE PLAYERS IN THE GAME
There's been an influx of millennial home buyers as older millennials have had some time to grow in their careers and pay off student loan debt. If a home is considered in the entry-level or mid-level price range, interested buyers are eager to move quickly.

The moral of our opening story? If you are thinking of moving, now is a great time to sell your home. Listing locally experienced Beiler-Campbell Realtors will ensure your transaction is conducted smoothly and ethically. 

HOW MUCH COULD YOUR HOME SELL FOR IN TODAY'S MARKET

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MORTGAGE INFORMATION


*Statistics from BRIGHT MLS on 9/8/2020 based on residential homes for sale in Unionville-Chadds Ford, Kennett Consolidated, Avon Grove, Oxford, Coatesville, Octorara and Solanco School Districts.

4 Reasons to Move off the Home Selling Fence

Homeowners looking to sell should consider this spring a prime opportunity to cash in. If you’re weighing your options to sell, don’t play the waiting game. Here’s why:

1. Tight Inventory

There are more buyers than homes on the market. The result – homes are selling fast. “We’re seeing high traffic open houses, multiple offers, escalation clauses and quick sales when an accurately priced home in a good location hits the market”, says Anthony Beiler, President Beiler-Campbell Realtors.

2. New Buyers Are Entering the Market

There's been an influx of millennial home buyers as older millennials have had some time to grow in their careers and pay off student loan debt. If your home is considered in the entry-level or mid level price range, expect to have interested buyers eager to move quickly.

3. Low Interest Rates

Low interest rates aren’t just a helpful nudge for would-be buyers to consider your home for purchase. As you look to your next home purchase, you can likely secure a low interest rate as well.

4. You Have Equity

If you’ve been in your home for more than a couple years, you’ve been building equity as the property value increases and you make consistent mortgage payments. The more equity you have in your home, the more profit you'll likely see when you sell the property. That, in turn, can be used for a larger down payment on your next house, other expenses or savings.

Don’t be fooled into thinking an active market is an easy market. On the contrary. A dynamic market is complex and fast paced, making partnering with a trusted professional local Realtor imperative. Selecting a strong Realtor who has eagle-eye attention to detail, industry knowledge and skillful, ethical negotiating practices will ensure a smooth road to settlement.

Find out what the market value is of your home

Interest Rates are at a 3 Year Low and what a Difference it Makes!

*Based on a  30 year fixed rate mortgage on a home bought for $340,520. with 20% down. Today's rate reflects 3.375% APR 3.4522%. Payments reflect principle and interest monthly payments. Property tax and homeowners insurance vary and are not included in the illustration. Rates subject to change without notice. This does not guarantee mortgage approval.

Interest rates on a 30 year fixed rate mortgage have dropped to the lowest they have been for three years. This is prompting savvy home buyers to act now to purchase, knowing that if they wait, rates could rise. That rise could be costly - to the tune of over $1,800 every year that could be kept in home owners pockets. 

Let's run the numbers! Let's say you purchase a $340,520. home at today's interest rate with 20% down. Your monthly principle and interest payment will be $1,204. If you wait while rates increase 1% and purchase that same house at the exact same price, your monthly principle and interest payments will cost you close to $2K more a year.

The combination of very low mortgage rates, a strong economy and more positive financial market sentiment make now a great time to buy a home. 

Curious about what homes are on the market? Click here to search homes

Curious about financing? Click here for a leading local lender

Mortgage information provided by Delaware Valley Financial Mortgage, LLC NMLS#131869 402 Bayard Rd. Suite 100, Kennett Sq, PA 19348    610.932.5444   www.delvalmort.com
“As information must be tailored to the specific circumstances of each consumer, and the mortgage industry is constantly changing, nothing provided herein should be used as a substitute for the advice of a professional loan officer or legal counsel. Delaware Valley Financial Mortgage is licensed by the PA Department of Banking and an Equal Housing Lender.” Rates are based off of a 760-credit score and 20% down.

2019 Local Real Estate Market Pulse

On a full-year basis, the local real estate market followed the national total existing-home sales which ended at 5.34 million in 2019, the same level as in 2018. Lawrence Yun, NAR’s chief economist, said home sales fluctuated a great deal last year. “I view 2019 as a neutral year for housing in terms of sales,” Yun said. “Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.” Which means if you are a home owner considering selling your home in the next several years, listing now could bring you a greater and quicker return then if you wait.

Yun said conditions for buying are favorable and will likely continue in 2020. “We saw the year come to a close with the economy churning out 2.3 million jobs, mortgage rates below 4% and housing starts ramp up to 1.6 million on an annual basis. If these factors are sustained in 2020, we will see a notable pickup in home sales in 2020.”

CLICK FOR A FREE HOME MARKET ANALYSIS

When staging your home for sale, depersonalizing, decluttering and deep cleaning should be your mantra! Ironically, some of the smallest spaces in your house can make the biggest impressions on buyers. Give extra attention to these essential spaces in your home where buyers can be won or lost:


CLOSETS packed tight with all your clothes make an entire home feel like it lacks storage space

• Consider temporarily storing overflow off site
• Use matching hangers for a modern look
• Organize so there is clear space on the floor and shelves

BEDROOMS should appear to be a place of relaxation and comfort.

• Remove TV’s, office furniture, power strips and pet beds
• Use gender neutral colors
• Clear personal pictures and decorative items that are distractions and prevent a buyer from picturing themselves in the home
• Add a modern headboard to provide a visual focal point and add sophistication

BATHROOMS must be sparkle. Time and elbow grease is well spent to sanitize every inch of your bathrooms

• Replace toilet seats, re-caulk, clear drains and clean floor and tile grout
• Empty trash cans before showings and stash it away
• Remove floor mats and replace shower curtains with one with a neutral color
• Hang only one set of neutral color, fluffy towels
• Light fixtures should be clean and have bright bulbs
• Grimy walls can be sprayed with a mixture and water and followed up by a fresh coat of neutral paint
• Clear countertops and medicine cabinets of everything to make the space look open and larger

KITCHENS are the heart of the home for so many

• Modernize your dated cabinets by having them refinished if budget allows
• Completely clear countertops – especially that cluttered desk area
• Clean island chair cushions
• Remove papers and magnets from fridge
• Replace brass or wooden hardware with brushed silver or stainless steel
• Clean the fridge, sink, inside of your oven door and declutter your cabinets
• Remove rugs from kitchen floors
• Empty the trash and stash the container for showings

Efforts put into these rooms will pay-off with a home that has broad appeal to buyers. Need some help? Contact us and we can discuss how to best prep your home for a quick sale!

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