A very well balanced article from the Wall Street Journal, Housing: Is it time to buy? looking at both the news from Case Schiller and other economists declares that now is probably the best time for high end buyers to consider getting into the market. That is good news for the Main Line where the high end market has languished, with several townships seeing number of sales of high end homes decline rapidly and dramatically over the last few years.
But the article looked at how local markets across the nation whilst they have been moving together generally for a long time are now starting to move independently of each other. They actually gave the Philaelphia metro area as an example of how prices had dropped by a very small amount compared to other cities in the North East. Allentown locally is suffering dramatically in our area with high rates of foreclosures, and large price drops.
Overall the Main Line has remained stable through out the housing crisis, and whilst prices have dropped in some areas there are now signs of recovery in the numbers of buyers out looking at homes, the number of homes going pending, our market is active and the better weather is bringing buyers out of hibernation.
Mortgage rates whilst threatening to increase, and actually moving above 5% last week have settled back and whilst we all know rates will have to rise, a slow and steady approach would be best news for all, acting as an impetus for buyers and making sellers aware that now is the time to get their homes priced right to sell.
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