August 2021 Main Line PA Market Update is here and we have all the July 2021 numbers compiled. I know we’re halfway through the summer and the school year is approaching us. It’s never too late to take advantage of the extremely hot sellers market. It’s time to make a move in selling your home because we still have low inventory. And many homes are going for over asking price for competitive multiple offers and contingencies such as home inspections, termite, septic, well and mortgage. Contingencies are being completely removed in order to win. The offers that are winning are usually extremely clean, which means a cash offer, all contingencies removed with no inspections, and offers are over asking price and sometimes escalation clauses are put into play to win. The sellers continue to have the advantage and you need to make sure when you put your offer in to speak with your real estate agent to help advise the best terms and strategies to make your offer the most attractive to the seller, since you will most likely be competing against many other buyers.
Let’s talk about mortgage rates in July, they continue to be extremely low. A 30-year fixed-rate with good credit is 2.875%, a 15-year fixed rate 2.250% and a jumbo loan is between 2.625% and 3%.
There are a lot of buyers out there with low inventory about ⅓ of what is typical this time of year so it is extremely competitive. We have the tools and knowledge to help your offer be accepted so please reach out at any time so that we can offer help and guidance.
Wayne Pennsylvania – 74 homes were sold in July. On average, the sales price was 2% above the listing price. The average days on market was 17 days. Average sales price in July was $639,955 and you can expect to pay 101% of the asking price.
Villanova PA – 8 homes were sold in July. On average, the sales price was 3% above the listing price. The average sales price in July was $1,857,625. The average days on market was 24 days and you can expect to pay 98% of the asking price.
Haverford PA – 81 homes were sold in July. On average, the sales price was 1% above the listing price. The average sales price in July was $546,545 and the average days on market was 14 and you can expect to pay 101% of the asking price.
Bryn Mawr PA – 6 homes were sold in July. On average, the sales price was 2% above the listing price. Average sales price in July was $461,167. Average days on market was 18 and you can expect to pay 97% of the asking price.
Radnor PA – 55 homes were sold in July. On average, the sales price was 2% above the listing price. The average sales price in July was $739,851. Average days on market for the Radnor neighborhood in July was 23 and you can expect to pay 100% of the asking price.
It continues to be an extremely hot seller’s market. If you’re looking to sell, it is a great opportunity right now. Don’t wait! NOW IS THE PERFECT TIME. We can help you even with low housing inventory & find your new home. Please reach out to us at any time with any questions. If you would like to know what your home is worth please click this link or give us a call. Kimmy Rolph sells the Main Line and local areas.
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