Leaves are falling, Are Main Line home prices? Well, According to the National Association of Realtors the median home sales price has jumped every month this year, reaching a record high of $413,800 in June before falling slightly in July to $403,800, while it might seem like home prices are falling, on The Main Line, this is not the full story. I represent buyers on The Main Line and I have helped buyers find great homes, for great prices. I wanted to share what some of the experts have predicted about the end of year home values, and that may help you decide if now is the right time to buy.
While housing experts anticipate a seasonal drop during fall, existing home prices in July were 11% higher than a year ago. At the same time according to the Mortgage Bankers Association, mortgage applications are at their lowest level in 22 years. Mortgage rates are climbing to head off inflation and economists warn of an impending recession. However, the job market and consumer spending is still strong and there are still home buyers searching. The housing supply on The Main Line is growing but is still constricted.
So what does this mean for today’s Main Line home buyer? It really depends on what your unique circumstances are. If you are paying for a home in cash, if you are moving from a place where the cost of living is higher, or if you are buying to escape unpredictable rent, it is still a great time to buy. Market conditions should not deter you. Ultimately, you need a strategy and an agent to ensure that you are looking in the right area that is most affordable for your budget and fits your lifestyle. I am a native on The Main Line and I know the inventory. My buyer strategies are proven for buyers in uncertain markets. If you need to buy or know someone looking to buy, contact me.
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