Home Prices are Falling, so Should I list this Fall? Have you been thinking about listing but unsure what the market will do? I am a listing agent on The Main Line and I have been seeing more hesitation this fall than in the last two years, and for good reason. Many experts are reporting that home prices are expected to fall for the first time in two years in the next twelve months. In this video I will go over the predictions and what they mean for those who are on the fence about listing.
According to an August survey by Fannie Mae respondents have seen a 0.4% ( point four percent) decline in housing prices compared with the prior month’s expectations for a 1.9%( one point nine percent) increase, it also showed that consumers anticipated that rental price growth slowing dropping nearly two percentage points. This means that most people feel like home prices and rents will decrease in the coming year. Compounding the consumer sentiment is the fact that another recent survey conducted by the Mortgage Bankers Association found that the average rate on 30-year fixed mortgage increased to 6.17% (six point one sevon percent), the highest since mid-June, from 6.01%( six point 0 one percent).
And the Fannie Mae survey found that half of consumers think it would be difficult for them to get a home mortgage today. With buyers feeling like they may not be able to afford a home does complicate being able to sell your home.
However, this is not the full story for sellers on The Main Line. The Main Line has less inventory than national averages, well below averages. It is also home to some of the best schools and is low density. Families and individuals looking to take advantage of hybrid work models are increasingly looking to The Main Line as it is less expensive than other suburban areas. Additionally, many of the buyers that I have worked with are paying in cash and when they are looking for a home on The Main Line, they are luxury buyers who can afford to pay market value and above. Many times it is because they are relocating from more expensive cities.
While consumers nationwide have doubts about the housing market in general, The Main Line market is still a sellers market. If you are considering listing this fall, please reach out to me.
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