02/11/2021
Feeling stuck in your home search?
Housing inventory right now in the Philly suburbs and parts of the city is about as barren as the landscape behind me. We have a serious real estate inventory shortage in suburban Philadelphia and parts of the city. It's causing intense multiple-offer situations and, as a result, rapidly increasing home prices. There are countless people who have been searching for the right home for months and even years.
Traditionally, the forces that can shift the real estate market include:
A. New construction, which is facing immobilizing lumber shortages.
B. Foreclosures, which, with forbearance programs in effect, are mounting, but not necessarily at a pace capable of entirely shifting the marketplace.
C. Increasing interest rates. That said, given the fragile state of things, to do so may be a tad dicey (economically speaking). Not to mention, the subsequent impact on home prices (by way of restricting prospective buyers’ purchasing power) wouldn’t be immediate.
D. Buyer fatigue. People just get sick of losing offer-after-offer and decide to give up.
We know there are MANY homeowners who want to sell but are staying put because they can’t find homes to purchase. It’s a circular problem. So, based on that, I’ve begun to contact homeowners whose off-market properties match the criteria of buyers on my shopping list.
If this sounds like a situation YOU (or someone you know) are in and you’d like for me to “shop” for you, please tell me about the type of property you’d like to find and I will happily search on your behalf. I’ve created a Google Form to collect your remarks. Here's the link: https://docs.google.com/forms/d/e/1FAIpQLSdWMb8RDdAY4IlYvbVeEToOXlimeZrqgEwa6NZOQ2R1YgrQOQ/viewform?usp=sf_link
In the form, there are also a few questions about your current property since you may sell it as part of the transition to your new home.
Feel free to tag any friends, family members, and associates that you feel may benefit from this offer.
If you’re already working with an agent, this email isn’t intended as a solicitation for your business—just trying my best to help anyone who’s feeling stuck as a result of current market conditions.
