Lancaster , PA Home Buyers - Beware !!!

By
Real Estate Agent with KW Elite

        The Market has drastically SHIFTED !  We are now clearly in a Sellers Market .  What has caused

this ?  It goes back to the Law of Supply and Demand . When calculating our supply of inventory of

available listings (for sale) we are seeing scarcity in all price points below $300,000 ! In some cases

there are less than 10 homes to view/tour with in a $25,000 price span .

        What are some of the characteristics that will affect Buyers as a result of this shift ?

          1.  Correctly prepared listings will not last long on the market ! Days On Market will

                drop below 30 days ( DOM) !

          2.  Many buyers will find themselves in competition with other buyers, once they've

               located the house of their dreams . Many will fall victim to the dreaded Multi Offer !

          3.  Prices will be driven upward ! Simply stated , you will have to pay more to beat

                competitive offers !

          4.  You will have to be a Quick Decision Maker. Any delay could cost you the home !

 

       How should a Buyer position themselves in this Sellers Market ?

          1. More than ever you need Representation ! You need a proactive Advocate , not merely

              a real estate licensee !

          2.  The REALTOR you are working with must be both knowledgeable and expert in the

                specific marketplace you're searching in !

          3 . You need to have your Financing in order , by being  PREAPPROVED !

 

      Surviving and Succeeding in a Sellers Market takes both patience and a plan .

 

 

 

Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster
Groups:
Keller Williams 'Rainers
South Central Pennsylvania Realtors
Lancaster PA Real Estate
Live Quarryville

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Rainmaker
398,719
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, GRI,SFR, REALTOR®

Good morning Michael J. Perry,

Patience and a plan, good advice. Best of all, know what you want and be a "Quick Decision Maker" Thank you for posting.

Jun 03, 2015 10:26 PM #1
Rainmaker
3,982,564
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This is the case in may areas of the county...With the slackness of building for the last 5-7 years we now have a severe housing shortage.

Jun 04, 2015 10:10 AM #2
Ambassador
1,924,650
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Michael J. Perry  Great post . You are right it is slowly shifting

Jun 07, 2015 10:53 AM #3
Rainmaker
1,304,111
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Hi Michael,

I'm glad to see that your area is now a seller's market!  Good news for those homeowners and buyers!

Jun 17, 2015 06:43 AM #4
Rainmaker
2,050,768
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Seller's market calls for buyers to have a different attitude about buying and seeing every property. Good list of characteristics. . 

Jun 17, 2015 07:00 AM #5
Rainmaker
270,028
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

I've got to agree with you Mike. This has been my experience for the last several months. Buyers can't hesitate. 

Jul 08, 2015 08:25 PM #6
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Rainmaker
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Michael J. Perry

Lancaster, PA Relo Specialist
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