Main Line Residential Real Estate 2017 Predictions
Main Line Residential Real Estate all revolves around, well The Main Line, the train line running north west of the city, now called the Paoli Thorndale line, but lovingly referred to by older Main Liners as the R5.
So 2016 drew to an end with every Main Line township suffering from a lack of inventory. The election and lack of clarity about what is actually going to happen moving forward has created lots of uncertainty. But we are seeing plenty of Main Line buyers trying to beat the rising interest rates before they get pushed out of their preferred price points.
As we look forward to 2017 we consult our crystal balls and wonder where we will be at the end of this year. Here are Selling The Main Line's predictions for 2017.
- Interest Rates will rise slowly throughout the year reaching 5.00%
- Main Line home owners will consider large extensions over moving
- The Main Line buyer pool will increase
- Main Line homes prepared correctly for sale will go under offer quickly
- Main Line homes not prepared will be on the market a long time and suffer multiple price reductions
- Main Line Buyers want move in ready homes
- Lack of inventory for move in ready resales will encourage builders to build more town homes on smaller lots (We are already seeing this in Paoli and Berwyn)
- Prices for these new construction town homes will be in the $500,000 - 700,000 and higher
- Larger commercial residential companies will expand with more rental apartments along the Main Line
- Multiple offers will be more common (so buyers will need strong pre-approval and a game plan to be successful)
- Prices will slow, but continue to rise
- Buyers will continue to use Zillow and Trulia to search for homes only later connecting with Realtors who come highly recommended on these sites.
For help buying or selling on and around the Main Line contact us today, by phone, text or email and Nick Vandekar will help you take the next step forward. Office 610-225-7400, best line cell 610-203-4543, Nick@VandekarTeam.com.