“How is the Market?”

How is the market? In Short…still crazy.  I have seen an overall decrease in home sales in most of our area. I say most because with Chester and Montgomery County as a whole we are seeing a drop in available homes to sell. However, depending on the month and the school district the available homes are static from last year to our current year. 

For Chester County, looking at July 2022 versus 2023, homes in inventory are down 142. Simultaneously, Montgomery County is similar with a difference of 146 homes.  

I am noticing is that buyers are becoming more cautious and particular and rightfully so!  Homes that are depressed or have clearly not had updates in several years are no longer fetching top dollar like they may have a year ago.  Therefore, savvy agents are pricing these accordingly and seeing success. However, beware of the agent that promises top dollar, overprices these homes. This will cause your home to sit on the market with few showings. This may result in to offers that come with inspections and lower offerings.   

In contrast, we have homes that have been well maintained, updated and cared for through the years. Surprisingly, it doesn’t matter the age as these homes are selling fast and at top dollar. 

As realtors we can tell from the minute we walk in if you have been a homeowner that has taken care of your home, and we like to let our buyers know!  In particular, well, cared for homes will bring competitive offers. Often times waived inspections for buyers clamoring to find a place to call their own.   

So, in closing, it is still an exhausting market for our buyers. The inventory is low, and offers are competitive.  For sellers it can be great! As long as they have the right expectations, price correctly and listen to the advice of their experienced agent. 

– Deborah Harvey, Realtor with Better Homes and Gardens Real Estate