Opportunity Knocks - Your Local August Market Update
The summer of 2020 has been a hot one! There are a ton of buyers out and the competition for a house is fierce. Rates are starting to dip below 3% so you can see why buying a home now is most appealing. Yet, the housing inventory is drastically low in both PA and NJ. Which means if you are a buyer, you better jump to see a home the day it comes on the market because it will literally be gone the next.
The 2 most recent homes I pre-marketed and sold went in one day with multiple offers and above asking price. We have even begun to invest more in our pre-marketing adding more extensive advertising. I like to utilize and try new ideas so I get my clients’ home the most exposure.
The first home went on the market after pre-marketing for 2 weeks. The demand was high! A remodeled home with low taxes and in Pennsbury school district. Before showings began, we announced offers would be presented the very next day 10am. The home had back to back appointments. It was turn style activity with 13 showings and 6 offers. The seller was ecstatic! They received more than asking price, cash deal with no inspections and with their desired settlement date. It doesn’t get any better than that!
In our second story, the sellers had attended one of my home selling seminars and had been preparing the home for the market. They had been following the 5 easy steps as outlined in my book that was just released, How to Net the Most When Selling Your Home, which is available on amazon. I pre-marketed the home with our new advanced campaign which includes sending postcards to most of the town, Facebook live event advertising and much more. Let me tell you, everyone knew about it. We started showings on a Wednesday and announced we would present offers the next day at 1pm. Again, the home had 28 appointments. Everyone was excited about it; we had 8 offers and they received considerately more than the asking price! If you are thinking about selling, contact me. I offer a free 30 min, no-obligation consultation where I walk through the home and give you tips and tricks on what do to get it ready for the market.
If you are thinking about buying, now is also a great time. Interest rates are low. The interest rate you secure when buying a home not only greatly impacts your monthly housing costs but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%
If you’re thinking about purchasing and want to explore your options, reach out to us. We are happy to educate you so you feel comfortable even if you’re still in the planning stages.
I am also excited to share with you that I will be on the cover and featured story in: Bucks County Real Producers which is a local Realtor magazine for the top 300 Realtors in the area in September.
Until next month,
I am Christina Swain, Your Realtor in Red
[email protected] / 215.757.7257