“How’s the market?” is often the question I get asked by friends, neighbors, and clients whenever we meet. My response? “Which market are you referring to?” As Q3 came to a close on September 30th, I took some time to look back at the Q3 sales data for Rittenhouse Square from 2017, 2018 and the current year. Here is what I found:
I also considered the the $1M+ market separately and found that the numbers tell the same story:
What this means for Sellers:
Be realistic with your pricing (especially over $1M). While the “Days on Market” have increased, this is mostly in the higher end of the market, or if you are not priced correctly. Buyers are aware of the pricing patterns, and are being cautious with what they are willing to spend. If your property has parking you have a big advantage as many buyers that need this amenity are willing to pay for it.
Pro-Tip: Your best offers are typically received in the first 30 days. If no offers are received, talk to your real estate professional about a different strategy.
What this means for Buyers:
The days of bidding wars are numbered (for now) and you can finally take a breath while looking for your next home! The low-interest rates are a huge advantage, and inventory is increasing. These are all signs of a healthy market and will cause less stress when making that big decision.
Pro-Tip: Be creative in your offers to Sellers. Love the house but don’t love the paint colors? Craft an offer to include painting the house a color of your choice prior to settlement.
