February 2022 Local Main Line Market Update is here! Are the mortgage rates going down? Are the rates going up? What happened in the Main Line market last month? Stay tuned because I want to give you a quick overview of what happened in the Main Line Housing Market for the month of January. If you’re planning to sell or buy real estate, this will help narrow down your options. We are still receiving multiple cash offers, contingencies, inspections, and a lot more. Which means it is still a good time to sell. Sellers, take advantage, it’s a great time to sell! Home prices continue to rise and buyers are in a search frenzy to find the perfect home!
It’s still the sellers’ advantage so make sure to reach out to your real estate agent right away or to me so I can advise you how to put in the perfect offer to be more attractive to the sellers.
Experts say that inventory will affect the housing market because of the rising mortgage rates.
According to Bill McBride, Founder of Calculated Risk, “It is possible that rising mortgage rates will slow the housing market… or the FED might raise rates sooner than expected due to the recent pickup in inflation, but I believe one thing is certain; inventory will tell the tale!”
Let’s talk about mortgage rates in January, we had 30 (thirty) -year fixed-rate of 3.750%, a 15 -year fixed rate of 3.125% and a 30 year FHA of 3.750%, and 30(thirty) year jumbo rate of 3.375%.
There are a lot of buyers out there so we want to make sure that your offer stands out with the rest of the buyers. We have everything you need, real estate advice, tools & knowledge so reach out to us ASAP to get started!
Let’s see the market reports for January 2022 (twenty twenty two):
In Villanova PA, there were 2 (two) homes sold in January. The median days on market was 119 (one hundred nineteen) days. The median sales price in January for Villanova was $1,500,000 (one million five hundred thousand dollars) and the sale to list price ratio is 101% (one hundred one percent).
In Wayne PA, there were 7 (seven) homes sold in January. The median days on market was 46 days. The median sales price in January for Wayne was $1,240,000 and the sale to list price ratio is 99%.
In Haverford PA, homes were on the market for 19 (nineteen) days. 18 homes were sold in January. The median sales price was $437,500. The sale to list price ratio is 101%. So 28% of homes were sold over the original asking price!
Next, in Devon PA – 12 homes were sold last month compared to December that were 6. The median days on market was 9 days. The median sales price was $672,750 The sale to list price ratio is 100%.
Lastly, let’s take a look at Bryn Mawr – 2 homes were sold in January. The median days on market was 9 days with a median sales price of $763,000. The sale to list price ratio for is 108%. It was a good month for Bryn Mawr!
It remains to be a sellers’ market. So take advantage and contact us now so we can give you the advise that you need to win in this housing market.
We can help you submit a competitive offer to make sure your offer stands out and is accepted. We are always here to give you multiple ways how to sell or buy a house in this housing market. If you would like to know what your home is worth, please click the link or give us a call.
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