How Is the Main Line Market Performing?

Kirk Simmon Real Estate Video Blog

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Today we’re going to give you a little update on how the market is doing here in the Main Line. A lot of people have been asking us about this lately, so we wanted to let you know what we’ve been seeing.

Right now, we are firmly in a seller’s market. Our current inventory is at about 4.5 months, so every home for sale will take approximately 4.5 months to sell. Anything under 6 months is considered a seller’s market, but we haven’t been this low on inventory in quite some time so it’s creating quite a frenzy. Home sales are down year-over-year by 10%. With low inventory, a lot of it isn’t great as far as condition and price go. That results in less homes being available for buyers to buy.

In this seller’s market, one trend we are seeing that will help buyers out is the turmoil in the Chinese and European economies. When they start to sputter and show weakness, foreign investors invest money into U.S. government bonds. These bonds end up being a base for mortgage rates, and the lower the yields on them are, the lower the rates are. That’s why rates are so low now and buyers can save a ton of money down the road by locking in a rate right now.

There’s something in the market for everyone here in the Main Line. If you have any questions for us, give us a call or send us an email. We’d love to hear from you!