The Bucks County Association of Realtors has shown that there has been a significant increase in housing prices throughout Bucks County. According to the National Association of Realtors, around 16 million buyers all across the country have been priced out of this housing market because of the drastic change in interest rates.
In this blog post, you’ll understand more about the real estate market softening Bucks County How it has made selling properties to be more complex, and what you ought to do.
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Low Housing Inventory in Bucks County
Low housing inventory is one of the primary causes of the real estate market softening Bucks. It would have been better if more people saw what an ideal time this is to sell a property while prices are high. In a well-balanced market between sellers and buyers, there needs to be a six-month supply when it comes to housing for sale available.
Most experts claim that this year’s market is quite active. However, they also add that it’s not a very productive market because there are limited properties available for the lots of buyers who would want to make a move. It’s safe to say that there are about 4-5 people who are disappointed with every individual who acquires a property.
It’s no surprise that some people are even thinking of putting off their housing search. Quite frankly, these struggles are common for those buyers are experiencing in Bucks County, and across the Philly area.
Ever since the pandemic began and lots of people started working from their homes, expanding a search area in the real estate market has become a thing. There have been numerous people moving to the rural regions of Bucks County mainly because they don’t have daily long commutes anymore and may get more home for their cash compared to the more suburban places right outside Philly and New York.
Most buyers and experts claim that you can certainly get more property if you’re ready to drive. Nonetheless, regardless of the shortage of homes for sale, there are indications that more will be listed soon. That’s right! The good news is that, recently, more homes in Bucks County have been listed on the market compared to the previous weeks. Realtors have concluded that more people are beginning to look beyond the ongoing pandemic.
So, what’s the best advice when it comes to the real estate market softening Bucks County?
Be Prepared & Get Pre-Approved
Most real estate experts claim that the best advice they would offer buyers is to speak to a reliable local real estate agent regarding the market conditions of where they’d like to buy. Buyers should also talk to a mortgage lender and be pre-qualified for a loan if required. According to these experts, homeowners who are planning of selling must also be cautious about market conditions and seek expert advice from a reputable local agent. This is because if there’s a continued increase in interest rates, sellers might have fewer offers for their properties.
Call a local Realtor today. They have their finger on the market’s pulse. They’re the ones who know.
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