There are headlines, and then there’s what’s REALLY happening in the hypermarkets of Philadelphia and surrounding burbs. We asked our agents for insider real estate tips based on real-life experience in this market.
Rachel Shaw
Not Everything Is a Bidding War
“I recently had a stunning listing in a hot neighborhood. Many that came through the open house fell in love but didn’t submit an offer because they assumed it was “100% going to go over ask” and they wouldn’t be able to compete. In the end, my sellers accepted a very fair offer that was right at the listing price. My advice is, don’t be afraid! Sometimes properties aren’t as competitive as you may assume. The worst-case scenario is that you put an offer in and it isn’t accepted. It’s also a great way to get your name into the pot if the current deal falls through, you are right there at the top of the list. I have a number of clients who have found their dream home because the original offer from other buyers didn’t work out.”
Erin Larkin
Lean into your realtor’s advice
“The market isn’t reacting the same way it was a year or two years ago. Pricing is more important than ever. I’ve found success in giving my sellers a full scope and understanding of the key differences between pricing strategies. Lean into your agent's advice. We live the market every single day. We use comparable properties that have recently sold, not homes that sold a year ago in a different market. We know which neighborhoods and suburbs will respond to a higher-priced home. Pricing effectively and confidently with numbers to back it up is a great strategy and has worked for my clients. Also taking a hard look from the buyer’s perspective is something I remind my sellers. Higher interest rates do make a difference in the buyer's bottom-line payment. Their monthly mortgage is going to be higher than what you’re paying now. That may be a factor we consider in the pricing strategy.”
Peter Brooks
Be One Step Ahead
“There is a social media buzz going around (thanks to Barbara Corcoran) that echoes what I have been talking to both buyers and sellers about for the past year. Many of my buyers want to wait out the high-interest rates and buy when they drop. Once those rates drop, the floodgates will open and competition will be high. I’m counseling my clients on the value of buying the home they want now while competition is low. It even comes with advantages. For example, we may negotiate a lower offer or seller's assist. Once the rates drop you’ll be able to refinance in the home you already love.”
Melissa LeGaspi
Know where to look
“I am seeing an advantage with my buyers that are looking at new construction homes, or homes that have been sitting on the market for a while. There’s an opportunity with new construction because they’re not occupied, and developers are often motivated to sell. Sometimes they even offer extra incentives such as buying down the rate! You also have a tax abatement with new construction that can result in big savings for your monthly mortgage payment. Homes that have been on the market for a while may also be willing to accept a more flexible offer. Often the seller has already purchased their new home or may have a contingency, so selling in a timely manner is important to them.”
Kate Kyle
Be flexible and You may Just fall in love
“To keep monthly payments affordable, I’m finding my clients are more open to looking at other options aside from complete turnkey-ready homes. They’re more willing to sacrifice two of the five must-haves on their list, look at the neighborhood just next door, or possibly take on a home that has light projects. You can really open up the options with some creative thinking. My buyers are able to build their equity in a home that they still love!”
Kate McCann
No Lackluster Listings
“The cute homes often go under contract faster. It takes a lot to get a buyer out of the house for a showing, so make your visual presentation irresistible. That means a combination of excellent photography, marketing, and staging. Don’t forget to hire a professional for a deep clean, it can make all the difference and will help you stay on point to keep things tidy between showings. One last thing is to consider renting a storage unit to stash your bigger bulkier furniture, seasonal items, and knick-knacks that you don’t need until you’re in your new home. This will help declutter significantly and $100 bucks a month is worth not having your home sit for 6 months.”
We keep our Market Blog updated quarterly. Tune in to see how the local markets are reacting in your neighborhood. Better yet, give us a call and come on into our office for a chat. If you’re thinking of listing your home, we’ll come by with stats and comps to make sure you hit the market ready for a fast and smooth sale!
If you’ve been outside today you know it’s hot enough to fry an egg on the sidewalk. Before you go jump in the Schuylkill to cool off (not advisable), here’s the low-down on where to get your swim on in Philly.