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Updated 11 days ago on . Most recent reply

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Alan Asriants
#5 Buying & Selling Real Estate Contributor
  • Real Estate Agent
  • Philadelphia, PA
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What are your market trends right now? Seller's or Buyer's Market?

Alan Asriants
#5 Buying & Selling Real Estate Contributor
  • Real Estate Agent
  • Philadelphia, PA
Posted

I am a licensed realtor in PA and Nj and I serve the greater Philadelphia area. For the most part, the market near me is a huge Seller's market. Especially in the suburbs of Philadelphia and Northern NJ. Those markets are just nuts. Every home has an immense level of competition and very likely due to: major zoning restriction, not enough homes for sale, no major developments of new construction (most homes are built before 1990 and way before - in NJ this is more like 1940 and before), MULTI FAMILY market is just ridiculous with month over month appreciation (no major construction of 2-4 units since the mid 80s) and still large population density.

I have been seeing trends across the US (and especailly FL) of a major shift in the market to a Buyer's market besides the NE region. How is your local market? Historically, the NE markets have been more stable and likely due to the factors listed above. 

Would love to hear many diverse responses!

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Alan Asriants - New Century Real Estate
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Becca F.
  • Rental Property Investor
  • San Francisco Bay Area
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Becca F.
  • Rental Property Investor
  • San Francisco Bay Area
Replied

I'm not an agent but these are my observations and also from attending open houses and talking to agents. Combination of both. 

In San Francisco and anywhere near Silicon Valley (Santa Clara, San Jose, San Mateo), I'd say it's a seller's market for single family homes.

East of San Francisco which has more affordable homes, a nicely done renovation can get multiple offers if it's under a $1 million and in at least a decent school district. I walked a home that was $700k and knew that it would get an offer quickly, sold for $730k. Prices are not anywhere close to the 2018 to spring 2022 prices seller's market days. 

Anywhere near the hills and fire zones have become more buyer's markets - very difficult to find insurance or it's very expensive to insure. Some of these are in excellent school districts but now are harder to sell. Especially after the LA fires, I don't think buyers want to buy in fire zones now. 

Townhomes and condos are difficult to sell and values have dropped, could probably find deals but the high HOA fees make it unattractive. I think most people would rather keep renting if they can't buy a single family home.

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