Main Line Realtor® Discusses Whether Rising Home Prices Should Delay Home Purchases
With the current home shortage, prices on homes for sale in Main Line Philadelphia communities are increasing. But do rising home prices mean you should wait to buy? A recent blog by Trulia noted that home affordability is at the highest point in forty years, with the exception of the housing crash in the early 2000s. According to the article, mortgage costs may increase as well, and these play a bigger role in overall affordability than actual home prices.
According to CoreLogic Home Price Index Forecast, rates on home mortgages could rise 6.2 percent year-over-year by February 2019, and mortgage payments could rise up to 13% over the same period. With incomes expected to rise only 3%, homeowners will be spending a bigger portion of their money on home costs.
So affordability is the key. The supply shortage of homes for sale does make finding the right home more challenging and home prices seem higher, but relatively speaking, now is a good time to find your new home. A skilled Main Line Realtor® can help make the process easier. Utilizing the services of a real estate agent who knows the Main Line area, the local market conditions and is committed to finding the right homes as soon as they hit the market, is a smart move that can make all of the difference.
Top 4 Ways a Main Line Realtor® Will Be a Benefit to a Home Buyer
If you are thinking about a new home purchase, you are probably already asking yourself, “Do I Need a Realtor®?” Sage offers four top reasons that you want a great Realtor® by your side in the process.
You Get Free Advice That is in Your Best Interest
One of the best things about having your own Realtor® is that she is on YOUR side. The fees are usually paid by the seller, but your Realtor® wants to get the best deal for YOU. Be sure that your Realtor® is working only working for you and never accept a dual representation situation.
Constant Monitoring of New Listings Will Occur
You have a job, presumably, and will be unable to keep an eye on the popular real estate sites. A Realtor® will be looking constantly and will have access to the Multiple Listing Service (MLS), so she will see listings and information that you have limited or no access to. A local agent will also be well-connected and might hear about some listings before they even go on the market.
Experienced Eyes Will Evaluate the Home for Problems
An experienced Main Line Realtor® will know what is happening in the market. For example, in the Main Line area, stucco can be a cause of concern for home buyers. If you are a first-time buyer, or unfamiliar with the local market, you would have no way of knowing the right questions to ask or issues to look for.
Someone Will Have Your Back in Negotiations
In this sellers’ market, offers have to be competitive, and an experienced real estate agent can advise you on the right offer to win the contract. Of course, if any concessions need to be established, such as having a repair done or radon remediated, for example, a good agent will help you negotiate to get what you need. When the paperwork needs to be done, your Realtor® will guide you through and be by your side as the keys are turned over to you.
With Rising Home Prices, Now is the Time to Find Your New Home
Looking for a home in this market may seem intimidating, but with a skilled local Main Line Realtor®, you have a good chance of finding the home you want. And with rising home prices combined with expected mortgage rate increases on the horizon, now is the time. Sage Realty’s team is committed to helping our clients find the right home for the best price. For a consultation, contact us today!