Are you thinking about buying or selling a house in Philadelphia? Learn about these 5 ways the real estate market is changing in 2020.
The real estate market is always changing. In 2020 it is important to know what to expect before you buy or sell a house in Philadelphia. In our latest post, we will work with review some of the ways the market is changing and what you can do to be prepared. If you have questions regarding any of the topics below, don’t be afraid to contact our team! So… what can you expect from the real estate market in 2020?
The Rise Of iBuyers
The internet has opened the door for us to do so many things remotely. You can buy a car, sell a car, buy a house, and sell a house all without leaving your couch. While this convenience is great in all sorts for ways, there are some things that are better done face to face. Many people consider selling their homes to an iBuyer, without realizing the consequences. Selling to someone who isn’t local and who can’t come see your house for themselves can cost you thousands. While iBuyers are gaining in popularity, homeowners are realizing that selling to a direct buyer who is local and experienced will help to get a great price in less time. And when you work with Philly Homes And Lots, there aren’t any commissions or fees to worry about.
Agents With Multiple Solutions
Agents are bringing more to the table than just listing houses or taking buyers to see available properties. More and more agents and investors are working to offer multiple solutions to Philadelphia homeowners who need to sell a house fast. People are realizing that the real estate world isn’t so black and white. Home sellers in Philadelphia require multiple options in order to successfully sell a property they no longer want. There is more than one way to sell a house in Philadelphia and companies like Philly Homes And Lots are here to help you find the right solution for you, your property, and your situation.
Interest Rates Are Dropping
In an effort to stimulate economic growth, the Federal Reserve will lower the interest rates. With this most recent cut, homebuyers are finding loans with interest rates at 50-year lows. If you live in a house that isn’t right for you, the time may be right to sell your house fast in Philadelphia. You can then put your selling proceeds down on a new house, financing at rates that are unheard of. If you have been thinking about selling your house in Philadelphia to find a house that is better suited for you, now may be the perfect time to buy and take advantage of these surprisingly low rates!
Home Prices Are Slowly Going Up
While real estate always tends to appreciate, the rate at which properties are currently appreciating is relatively slow. We work with many homeowners in Philadelphia who have held onto the wrong property, for far too long. Maybe they purchased right as the bubble burst and they think one day the price will bounce back to what they paid. Unfortunately, for many people who purchased a house in Philadelphia during that time, they won’t be able to capture what they once paid. In 2018 home prices rose by an average of around 5%. In 2019, that number dropped to 3.3%. There aren’t any signs that home prices will drastically rise in the near future. If you are ready to sell for something new, now is the time to make it happen.
Baby Boomers Are Selling
Baby boomers all over the country are beginning to sell off their unwanted properties. While some are moving into assisted living, others are simply enjoying the benefits of living in a smaller home. Once the kids have gone, a large house becomes more of a burden than a blessing. With less to clean, maintain, and pay for, baby boomers all over the Philadelphia area are exploring the benefits of a fast sale. Seniors all over the US are selling their too-large homes and using the proceeds to travel, knock items off their bucket list, and purchase better-suited properties. If you are a senior homeowner who is ready to sell your house in Philadelphia for a property that makes more sense, we know exactly how to help. We help people who want to downsize, even if they have lived in the house for many years. Our process makes it easy to sell and manage years of unwanted belongings.
Do you have questions about the changing real estate market and how it will affect you when buying or selling a house in Philadelphia? Don’t be afraid to reach out! Our experienced team is happy to help you get answers to all of your real estate questions!