As promised, I wanted to share the Q3 Market Report (link below) as well as my observations of the Center City real estate market during the month of October.
Honestly, we did see a change from the reasonably robust summer/early fall market to the October market. The combination of the rise in interest rates (to almost 8%), the political uncertainty with the House of Representatives and, most recently, the war in Israel has certainly persuaded several potential buyers to hold off on purchasing.
Admittedly, I continue to see some of the most show ready properties sell really quickly with multiple bids and at great prices, but I would be sugar coating it not to mention that we are seeing many listings that have very little showing activity and many listings with price reductions.
FYI, I do see this is a great opportunity for buyers (primarily those who are looking to put some sweat equity into a home) to strike a deal with those motivated sellers who are willing and able to reduce. And again, if a property is in tip top shape, it's still very possible to find a ready and willing buyer who will pay a premium since inventory is still low.
I expect that over the next few months (as the holiday's come and go) the market will continue at this slower pace. I'm optimistic, though, that our spring market will bring lots of excited buyers and plenty of inventory as well.
No matter your real estate goals, I'm here to help you reach them. Don't hesitate to reach out!
I hope the rest of the fall season brings you peace, joy, and excitement!
