Spring 2023 Real Estate Market Update
Giving you the confidence to make the right decision
Now that we’ve moved forward into Spring, what kind of housing market can we expect?
Generally, the Spring Housing Market has been looked on with great anticipation by buyers, sellers and agents, alike. As the season changes from cold to warm, and the early Spring brings fragrant, colorful blooms of magnolias, tulips and daffodils to Eastern Pennsylvania, so have housing inventories bloomed as well, with many of us also looking for a change. This is when we venture out and look forward to a plentiful list of houses to choose from for our next dream home. But, of course, these last couple of years have been anything but ordinary times. Just as we saw in 2022, we can once again expect to see a lower supply of secondary homes on the market.
But there is some good news in the numbers as well, for both buyers and sellers: For those looking to buy a home, inventory accumulation has risen YOY as more homes have remained unsold due to rising interest rates. For sellers: We are still seeing median home prices rising, albeit at a somewhat slower rate, and days on market is holding at 26.
And as buyers adjust their expectations within the rising mortgage rate environment, seeing rates of 6% to 7% as a norm rather than an aberration, a market readjustment points to buyers becoming accustomed to, and budgeting for, these higher rates. And when rates go down again – as they surely will – mortgages can be refinanced to those lower rates in future years. The CEO of Prosperity Home Mortgage mentioned that his thinking is that rates will settle around 5.5-5.75% later this year.
So whether a job move or life event creates a need to move, or if you just feel that now is the time that you simply want to make a change, there is no need for panic in the current economic environment. The Vandekar Team has strategies ready to assist your housing needs in 2023!
If you are thinking of selling, now is the time to see what your home may be worth in today’s market. There is generally more activity in the Spring when an increasing number of buyers are actively looking for homes.
Or, if you are looking to buy, our team has many years of success cutting through the crowded buyers’ market. Let’s talk about your near-term goals, and we will work to help you achieve them.
The Vandekar Team has been working in and around the Main Line and Chester County for 20 years. I relocated here from England with my family when my three boys were young. They all attended Main Line schools, and thanks to the excellent education that this area provided them, I’m proud to say that all three sons have done well. All three are married, and I’m happy to now have five grandchildren – three grandsons and two granddaughters! In short, as a realtor with extensive experience in this area, I know what’s most important from a real estate perspective to those who live here or are looking to relocate here. But perhaps even more importantly, I know the true value of raising a family in the greater Main Line and Chester County area, a part of the world that reminds me so much of where I grew up in suburban London.
Please contact me at my website, www.SellingTheMainLine.com. Or email me personally at Nick@VandekarTeam.com. You can also feel free to call or text me at 610-203-4543. I do pick up my phone when I am not with clients and I return calls promptly. I look forward to assisting you in all of your real estate needs and giving you the confidence to make the right decisions throughout the transaction.