February Edition: Philadelphia Housing Market 2023
- Laicey Harris
- Mar 12, 2023
- 3 min read
Updated: Mar 12, 2023
Planning on purchasing a home in the near future?
Everything you need to know about the Philadelphia housing market February 2023.
Market Type: Differentiate between a buyers and sellers market.
Setting yourself up for success
The last couple of years in real estate have been a rollercoaster; from interest rates dropping and rising, to bidding wars causing higher home prices then many homes selling below asking price. If you are entering back into the housing market to purchase a home: perhaps you've held of due to uncertainty in interest rates, you've been outbid on the home you had your eye on, maybe none of the homes listed appealed to you, or your just ready to make the move into homeownership, then you must stay on top of the trends and know just where you stand in the present.
Stay in the know when it comes to the Philadelphia housing market.
Quick Section Links:
Knowing your resources
Knowing where to start during your research can come with some confusion. So it is imperative to know your resources. Partnering with a market expert real estate agent will point you in the right direction and help you understand what you are researching. Realtors provide knowledge and resources by remaining an expert in their target market. Whats truly beneficial is, that partnership can help you avoid costly mistakes during your home buying journey.
Buying a home in Philadelphia: A sense of Normalcy
Philadelphia's housing market is changing, as experts predict, for the better. The housing market seems to be returning to a "new normal", particularly due to interest rates stabilizing. This removes some of the uncertainties prospective home buyers had about purchasing. Don't let the numbers scare you; although current interest rates are higher than the insanely low rates during the pandemic, real estate experts state that interest rates have been higher in the past. This brings a sense of reassurance to buyers, keeping their goal in mind. Now more than ever is the time to remind prospective home buyers of one important factor, buying a home is an investment, you are building wealth. Another important factor to be aware of is the inventory of homes available. Sellers may be hesitant to list their home for sale, as the bidding wars have subsided, so netting the most gains has slightly become a thing of the past. However, it is important to note that when sellers price strategically, both sellers and buyers can negotiate a great deal.
A visual recap: Philadelphia Housing Market
Key takeaways:
There may be a shortage of homes available, limiting buyers search options
Homes are sitting on the market longer compared to previous months
As of current, 62.5% of homes sold under asking in February
With a median sales price of $270,876, buyers can put into perspective that half of the homes sold were priced above and below this figure
Based on the data, the current market tends to favor buyers looking to purchase in the Philadelphia region
What this means for home buyers?
The asking price is not the final deal. There is room for negotiation. Having your support team, hint hint : realtor, by your side, a strong financial profile, and market research, provides leverage to close the deal on your purchase.
Time is of the essence. Although the average sold time is currently at 65 days, a percentage of homes listed are still selling quickly, under 30 days. So being prepared and having your ducks in a row can set you up for victory.
In the beginning: Setting you up for success
One thing to remember is: You are not alone in your home search. To set yourself up for victory in your home buying journey, you must start with what you already know about your current situation.You can start with your family dynamics, so you know what home size to look for. Additionally, you want to look at your financial situation. Review your credit for accuracy, and track monthly expenses so you can map out just how much you can manage in a mortgage. Location, location, location! Have an idea of what area you desire to live in. Whether your searching for high ranking school districts, if you need to be close to work, or whether you prefer urban living vs. a suburban lifestyle. Do a drive-by, ask current residents of the neighborhood you desire about whats it like living there. You can also interview real estate agents to determine which has the best expertise in providing guidance based on your needs.
Need further assistance? Visit my homepage to request a free consultation to discuss your home buying goals. Also, checkout the buyers education section for more resources.
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