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.

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.

Today's lower interest rate just added more money to the mix for those shopping for a home

There is good news for home buyers who have been in the market for some time. Let's say you have been looking for a house at a $300,000 price point.  Today, thanks to historically low interest rates, your payments are lower than what you would have paid last year on the same house. We're talking $2,376. less a year which adds up to $71,280. over the life of a 30 year loan.

Home buyers can choose where to put that extra money; purchase a bigger house, secure a college fund, fatten a retirement account or car purchase?  Savvy buyers will not want to miss this opportunity to secure a low rate. When interest rates increase, these savings will disappear. 

Speak to a trusted, local mortgage broker to run your numbers. Delaware Valley Financial Mortgage, LLC can quickly evaluate your financial position and help you determine how much you qualify for. 

CLICK FOR DELAWARE VALLEY FINANCIAL, LLC

Illustration based on $300,000.00 purchase 80% loan to value and credit score of 760. 4%: APR 4.039%. 5.375%: APR 5.447%. Monthly payments reflect principle and interest and do not include property taxes and home owners insurance. Life of loan: 30 year. Rates subject to change without notice.