Mixed signals for the Main Line Real Estate Market

This is quoted from an article distributed by the Suburban West Relator Association---


Looking back at 2010, the local real estate market showed both good and bad. The following is a snap shot of this past year's local sales and home values (available from TREND) compared both to 2009 local figures and to national statistics reported by the National Association of REALTORS.



• In 2010, sales lagged in each of the three counties from 2009 figures. Chester County sales were off 5.7%, Delaware County was off 11.6% and Montgomery County was off 7.6%. Nationally, home sales in 2010 were down 9.5% from 2009.


• In 2010, home values grew or held relatively steady in the three counties compared to 2009. Chester County values rose 7.3%, Montgomery County values also increased by 4%. Only Delaware County saw a dip in values, 2%. Nationally, the median price remained the same.


Additionally, TREND has released its 4th Quarter Economic and Market Watch Report which goes into more detail about how the county markets are faring. Also in this current report, NAR chief economist Lawrence Yun assesses the factors that will bear watching in 2011 for the market to continue to recover. From employment to consumer confidence to demand, Yun addresses the major factors that will have the biggest impact on 2011 sales. Currently, Yun is projecting an 8% increase in sales nationally. But, he cautions that these numbers will be updated monthly depending on how the economy plays out.

First time home owners now is a good time

Now is a good time to buy a home - the cost of money is low interest rate are at historic lows----- There is a lot of inventory on the market and many of the owners of the properties which are for sale do not want to keep them.  In my humble opinion if you now travel past a property which two, three or more years ago, and you think to yourself "I should have bought that then”... and someone else did……. NOW is the time for you to buy.  Whether the property is for investment, a second home, or for your primary residence, you might want to seriously consider contacting a real estate professional to explore the potential, so this feeling of “I should have acted then” does not happen again.  Here is a link where you can hear what two people thought about their recent buying experience in this current (2010) crazy real estate market.