May 2011 the market treats Chesterbrook kindly. In May itself there were 63 listings, 12 homes came on the market priced from $195,000-$425,000. 6 went pending, and 7 settled so about half the number of homes coming on went pending although the number of total homes on the market grew
As the number of homes grows, this does put pressure on prices and we are seeing constant price reductions every week to encourage buyers to make an offer. Does this work?
Many buyers are just waiting it out and seeing if there is another price reduction rather than making an offer. If a home is well staged, clean, updated with newer kitchen and bathrooms, clean carpets or wood floors some buyers are jumping in. But many are still sitting on the sidelines waiting.
Our view is until confidence returns to the economy, the job market strengthens prices will continue to be under pressure. The loss of Genuardis supermarket yet to be replaced by another, although the opening of the Wegmans in malvern and the future Wegmans in King of Prussia may causer this to take a long time has left a hole in the shopping district. The only way to counter this is as mentioned above to truly prepare your home for sale correctly ahead of time and price it aggresively at the start of the listing rather than trying to reach for a higher price at the beginning and end up chasing the market.
Now often Chesterbrook is a first time buyer development, so many of those selling are not in good positions necessarily if they bought in the last few years with prices having dropped. However, Chesterbrook is doing better than elsewhere in Tredyffrin Township and Chester County, where absorption rate is even lower than that mentioned above and with inventory growing at a faster rate.
The lowest interest rates we have seen for a long time make Chesterbrook a viable option for many buyers and we feel it still has many strengths and benefits. So it should be a consideration for anyone looking for a town home in the Tredyffrin Easttown School district.
If you are interested in values and figures for other developments in the T/E area please contact us.
Comments(0)