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What the **** is Going on in The Real Estate Market and How it Affects You!

The real estate market is making history. Through a global pandemic and a crazy 2020 the market has still stayed historically strong with extremely low interest rates! What does that mean? It means low inventory, home prices on the rise, and a sellers market! In the past years homes have been selling for five to seven percent over asking price. That is on top of homes that are already priced higher than average. With interest rates so low the market is seeing a constant influx of new buyers searching high and low for a home. The problem is there's just not enough inventory out there. So when a home does pop up, people are willing to pay, and paying they are. So what does that mean as a homeowner? In my market here in Montgomery County Pennsylvania. If you own a standard 3-4 bedroom 2-3 bath single family colonial, you've got a piece of gold. This means your home is probably worth more than ever. If you decided to sell now it would probably be sold in a few days for five to seven percent over asking with multiple offers. Homes under $250,000 are sometimes selling in a day, It's crazy. Is this good or bad? It's great for the seller most of the time. Tricky if you're trying to find a new home. But if you're considering selling now is the time to do so. Don't bank on unrealistic numbers though. If you're trying to find a home in this market you may have to look significantly lower than your approval amount. If you're approved for $350,000 and you're looking at homes around that number. You're going to get burnt almost every time because someone will outbid you. You should try looking at homes around $300,000- $325,000 so that if you need to bid higher you can! The market is crazy! If you'd like to talk more in depth or would like to find a home contact me! I'm happy to help you navigate this historic market.

-Eddie Mincarelli

RE/MAX READY

610-828-6300




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