Last week I joined agents from three of the top teams on the east coast, and it’s clear the word “from the street” is we are in a shifting market. No longer is it a question of if, or when, but how to be wise and navigate a softening market.
If you’re selling and your agent isn’t advising you weekly on market activity and your competition’s sale price adjustments, that puts you at risk of chasing the market. I heard a memorable quote – “chasing the market down is like catching a falling knife.” That’s pretty graphic, it can hurt and it doesn’t have to.
If you’re selling to downsize, relocation or upsize – the answer is to be within the bull’s eye of current market prices and perhaps a little ahead of your competition. This is not only a matter of pricing, but of staging, smart marketing and presentation of value. You will balance the difference by an increase in buying power.
It’s a time to be aggressive, not passively watch the market.
If you’re buying, it may be tempting to “wait for the bottom” – however, as the market is going through a normal adjustment, interest rates are on the rise. No one knows when the “top” of the market is or the “bottom” until after the fact. If you want to buy a new home, now is the time. Even with slight adjustments, an increase in interest rates creates a much higher cost of ownership than slight adjustments we are facing.
My commitment is to keep you up to date on current market activity. By the time news broadcasters talk about trends, it’s based on sales data from many months prior. If you are buying or selling today, we need to be in touch with what’s happening now!
For instance, here’s a 30 day snapshot of median sales price changes in three prime zip codes for the Greater Philadelphia Area (data as of end of August):
Last 30 days – down 14.32%
Last Quarter – down 22.9%
Last 12 months – down 5.49%
Last 24 months – down 11.17%
Rittenhouse Square (19103)
Last 30 days – down 16.83%
Last Quarter – down 7.78%
Last 12 months – down 29.36%
Last 24 months – down 12.77%
Graduate Hospital / Point Breeze (19146)
Last 30 days – down 16.67%
Last Quarter – down 6.23%
Last 12 months – up 5.63%
Last 24 months – up 4.17%
Have you heard the expression “Information is Power”?? It’s important to have a full report of market conditions, competition and insights into trends that may affect your real estate decisions. Contact me today for a private consultation. We’ll have coffee and go over your goals.