Philadelphia Real Estate: Why Spring Is the Time to Sell
The real estate market in Philadelphia is showing signs of returning to normalcy. The past year has been a turbulent time for the housing market, with the pandemic causing a lot of uncertainty and volatility. However, with the rollout of vaccines and the easing of restrictions, the market is starting to stabilize. This makes it a good time for homeowners in Philadelphia to consider selling their homes.
Read on as we explore why this spring is a good time to sell your home in Philadelphia.
The Current State of the Real Estate Market in Philadelphia
The real estate market in Philadelphia has been on a rollercoaster ride over the past year. In the early stages of the pandemic, there was a lot of uncertainty and fear about the future of the market. Many homeowners chose to hold off on selling their homes, while buyers were hesitant to make big investments in such an uncertain climate.
However, as the pandemic continued, the market began to adapt. Virtual tours and online listings became more common, allowing buyers to view homes without having to be there physically. As a result, the market started to pick up again, and home sales began to increase.
According to data from Zillow, the median home value in Philadelphia is currently $158,000, which represents a 9.2% increase over the past year. This is a strong indication that the market is recovering and that it may be a good time to sell your home.
4 Reasons Why This Spring Is a Good Time to Sell Your Home in Philadelphia
1. Low Inventory
One reason why this spring is a good time to sell your home in Philadelphia is due to the low inventory of homes on the market. There are simply not enough homes available to meet the demand from buyers. This means that if you choose to sell your home now, you may be able to command a higher price than you would in a more saturated market.
2. Low Mortgage Rates
Another reason why this spring is a good time to sell your home in Philadelphia is due to the low mortgage rates. The Federal Reserve has kept interest rates at historic lows in an effort to stimulate the economy during the pandemic. This has made it more affordable for buyers to finance a home purchase, which has increased demand for homes.
3. Spring is a Popular Time to Buy
Spring is traditionally a popular time for homebuyers to start their search. The weather is warmer, and people are often looking to move before the start of the new school year. This means that there may be more buyers in the market during the spring, which can help increase demand for your home.
4. Philadelphia is a Desirable Place to Live
Philadelphia is a vibrant and exciting city that attracts people from all over the world. Its rich history, diverse culture, and thriving arts scene make it a desirable place to live. As a result, there is always a strong demand for homes in Philadelphia, which can help increase your chances of selling your home quickly and for a good price.
Conclusion
The real estate market in Philadelphia is showing signs of returning to normalcy. This makes it a good time for homeowners to consider selling their homes. With low inventory, low mortgage rates, and strong demand for homes, this spring may be the perfect time to make a move. Whether you are looking to downsize, upgrade, or relocate, now is the time to take advantage of the market and sell your home in Philadelphia.
Do you want to sell your home in Philadelphia? Steven Ohm Realty offers professional real estate experience in Philadelphia, Pennsylvania. Get in touch today to make your listing!
