Questions You May Have About Selling Your House In Philadelphia & The Main Line

Questions You May Have About Selling Your House in Philadelphia and the Main Line Suburbs

There’s no denying that mortgage rates are having a big impact on today’s housing market. If you’re considering selling your house in the Philadelphia or Main Line suburbs, you may have some questions about whether it still makes sense to sell and make a move.

Here are three of the top questions you may be asking, along with data to help answer them.

1. Should I Wait to Sell My House in Philadelphia or the Main Line?

If you’re thinking about waiting to sell until mortgage rates come down, here’s what you need to know. Many other homeowners are considering the same thing.

While mortgage rates are forecasted to come down later this year, waiting could mean facing increased competition as other buyers and sellers jump back into the market. As Bright MLS explains: “Even a modest drop in rates will bring both more buyers and more sellers into the market.”

Waiting to sell could lead to higher prices and more multiple-offer scenarios when you’re ready to buy your next home in Philadelphia or the Main Line suburbs.

2. Are Buyers Still Active in the Philadelphia and Main Line Market?

Despite some people holding off, there are still plenty of active buyers today. The ShowingTime Showing Index measures how frequently buyers are touring homes. The latest data shows buyer activity remains strong compared to the pre-pandemic years.

While demand has dipped since the peak years, it’s still higher than the last normal years in the housing market (2018-2019). This indicates there’s still a robust market for selling your house in Philadelphia and the Main Line suburbs.

3. Can I Afford to Buy My Next Home in Philadelphia or the Main Line?

If you’re worried about affording your next move with today’s rates and prices, consider this: you likely have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years, which can make a big difference when purchasing your next home.

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), notes: “Those who have earned housing equity through home price appreciation are the current winners in today’s housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

Your accumulated equity might allow you to make an all-cash purchase, avoiding the need for a mortgage altogether.

Bottom Line

If you’ve been considering selling your house in Philadelphia or the Main Line suburbs and have these questions on your mind, this information should help clarify your decision. A recent Realtor.com survey shows more than 85% of potential sellers have been considering selling for over a year. Many recent sellers wish they had sold sooner.

If you want to discuss these questions further or need more information, let’s connect. We can review the latest market trends and data to help you make an informed decision about selling your home in Philadelphia or the Main Line suburbs.

Contact Reid To Discuss Your Home Buying & Selling Needs Today

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