Jessica Faix

My Blog

Realtor Explains the Current Real Estate Market in West Chester, PA

4/6/2022
Being in the real estate business everyday, I have a good idea of what's going on in the market, especially West Chester, PA.
What I'm currently seeing on offers:
  • 15+ offers on a home is common in West Chester
  • An average of $15-25k over asking (will vary depending on neighborhood)
  • Conventional financing is more common than cash
  • Buyers are adding more contingencies such as home inspections back to their offers
How to make your offer more competitive:
  • Pay all or some of the seller's closing costs
  • Offer a seller rent back
  • Add an inspection deductible for repairs needed from the inspection report
  • Offer an appraisal gap
Are you interested in learning more about what our market looks like here in West Chester? Give me a call at 484-319-3867 and I'd be happy to discuss with you.

The Definitive View of the 2021 Real Estate Market... What it Means for 2022

12/29/2021
The traditional real estate market has seasons, which are seen in this past year's data in the chart above. The winter season typically has less sellers and less buyers. Specifically December and January, since it's the holiday season. Seller's will wait to list until the beginning of the "Spring Market" around the second week in February.

What is important for YOU BUYERS to understand with this chart is that over the past year, listings have remained relatively the same! The main difference in the difficulty of buying a home has been how many buyers are looking at the listings on the market at a given time.

If you are interested in buying a home and having the best chances of getting a good deal, you should be looking to buy NOW.

If you want to sell your home for the most money, let's talk NOW so we can get your home prepared for the height of the spring market which is only 1.5 months away.

Questions on this information or want to talk buying or selling? Call me at 484-319-3867.

Why is there so much buyer competition in the housing market?

5/5/2021

May has officially arrived, and the spring market is still blazing. This past year, in 2020, the real estate market has seen some incredible changes. The most obvious change being the low amount of inventory. This has been for a number of reasons, with the lack of new home construction and different responses to the pandemic being two of the main factors. Buyers are eager to buy homes, and, as seen with many different industries, there are now two “buyer’s seasons” being combined into one.

We are seeing even more buyer competition this Spring 2021, more-so than last year in the housing market. This can be attributed to the fact that the people who were already actively looking since last spring, and couldn’t find a home, “roll over buyers,” are now in competition with the new buyers from this spring. This all contributes to a heightened seller’s market.Showing Report 5-2-2021.jpg
The graph above shows the amount of listings and showings our brokerage has had over this past year. We saw the seller’s market take off in June 2020 when Pennsylvania opened back up from the Covid-19 shutdown. After a short slowdown in buyer’s showings in the winter months, the Spring Market flourished. This past week, our office has seen the highest amount of buyer’s showings out of this entire past year. Showings were over 5x the amount of total listings. If there was ever a better time for someone to sell their house, it’d be now.

Overall, this seller’s market with very low inventory is not something new to us, as we have seen it all last year. However, the steady low inventory, combined with “roll over buyers” and this year’s new batch of buyers, has created a scalding seller’s market with intense buyer competition.

If you are thinking about selling and taking advantage of the hottest seller’s market we have seen all this year, give me a call at (484) 319-3867. I’d be happy to discuss real estate with you and give you further insight on this current market.
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