A LOT of the recent talk in Center City Real Estate circles has been about the number of multiple offers on various parcels, and how some places are sitting on the market for a only a week, and being sold in short order. This is clearly a change from the previous four years. Maybe not be true in all segments, but certainly becoming more and more common this year.
I think what most buyers in the Philadelphia Real Estate market have to come to terms with is that they may need to make their offer as attractive as possible on those homes that are in short supply, and in heavy demand. Even a gradual shift from a buyers market to a sellers market is difficult for buyers to grasp. Those in the know are going to fare much better than those who perhaps think they can come in at super low offers like perhaps that might have done in 2009.
As demand increases, and supply decreases, we will see the gradual escalation of values here in town. But remember, Philadelphia Real Estate values generally don’t skyrocket…they meander up or down depending upon market conditions. This certainly lends strength to the fact that
“All in All”, the Philadelphia housing market is relatively stable…relatively speaking.
We have not seen the peaks that perhaps NYC, Miami, or parts of Southern California have seen over the years, and in turn, we are not seeing the loss in value as many other big cities have seen over the years.
Be happy you live in Philadelphia.
Prudential Fox and Roach Realtors
530 Walnut St. #260 Phila., PA 19106