Main Line, and Chester County Spring market 2023 update

By
Real Estate Agent with Realty ONE Group Advocates 484-237-2055 PA License - AB067198

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.

Posted by

 

Nick Vandekar
Nick is a Tredyffrin Easttown Residential and Commercial REALTOR selling The Main Line, Chester, Delaware and Montgomery Counties.

Giving you the confidence to make
the right decisions.

225 W Uwchlan Ave
Downingtown , PA 19335
Office 484-237-2055
SellingTheMainLine.com
Mobile: (610) 203-4543 [call or text me]
Email Me

 

My Blog

   

If you are buying or selling on or around
Tredyffrin Easttown or along the Main Line, 
I can help you, contact me.

Comments (7)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nick and thank you for sharing your market report with us here in the Rain.  Make it a great weekend!

Apr 21, 2023 08:43 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Have a great day and an outstanding weekend.

Apr 21, 2023 08:52 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you for your very informative real estate market update.  Have a great weekend!

Apr 21, 2023 03:01 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nick wishing you buyers and sellers to reach out to you because of this post, Endre

Apr 21, 2023 10:27 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thank you for keeping us up to date on what is going on in your market.  I always enjoy reading your market updates!  You do them so well! 

Apr 22, 2023 05:36 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The statistics tell the story and your market report is certainly strong!  I hope that you will have a fun weekend!

Apr 22, 2023 05:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Nick... we are all seeing more inventory in total... but what I'm also seeing are more multiple offers and bidding wars after they fell off last year. And I don't see enough inventory coming on market this spring to stop this.

Apr 22, 2023 06:57 AM