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๐จ Philadelphia Real Estate Update: July 2024 ๐จ Wondering whatโs happening in the Philly housing market right now? ๐ ๐ Check out our latest video where we break down the July stats, from rising home prices to increasing inventory. Whether youโre thinking of buying or selling, youโll want to know how these trends could impact your next move. ๐ Watch Now for key insights and tips to navigate the market!
๐จ Big Changes in Real Estate! ๐จ In early 2024, the National Association of Realtors settled on new commission rules that will impact both buyers and sellers. Hereโs what you need to know: ๐น No MLS Commission Offers: Compensation details for agents wonโt be listed on the MLS anymore. Sellers can still offer compensation, but it will be communicated differently. ๐น Pre-Tour Agreements: Buyers must now sign an agreement with their agent before viewing homes. ๐น Clear Compensation Terms: Make sure you understand agent fees and compensation details before moving forward. ๐น Seller Options: Sellers have more control over compensation offers and must ensure transparency. Stay ahead of the game and understand how these changes might affect your next real estate move!
๐ The Fed kept rates steady! ๐ โจ Wondering how this impacts your real estate plans for now vs. early 2025? ๐ค ๐ก Mortgage rates dipped slightly, and inventory is on the rise. What does this mean for buyers and sellers? ๐คทโโ๏ธ ๐ Get the full scoop on how the Fedโs decision could shape your next move.
๐ Breaking Down Election Impact on Housing Market ๐ก This week has been historic in politics with an assassination attempt and a major candidate dropping out for the first time since 1968. ๐คฏ Wondering how this affects the housing market? Historically, elections don't have a big impact on home prices or sales. ๐ Home prices generally rise post-election, and sales often increase. Despite current uncertainties, the market is strong with rising prices and inventory. ๐ Don't let news cycles cloud your judgment. For real data and expert advice, hit the link in the comments to schedule a call with our team. ๐๐
๐จ New Inventory Data Alert! ๐จ Weโve got the latest on inventory trends nationwide and their impact on our local market. ๐ ๐๏ธ From June last year to June this year, states like PA and NJ saw modest growth (13%-14%), while FL, TX, and AZ skyrocketed (up to 71%!). ๐ Buyers: Watch for homes on the market for 10+ days โ prime time to negotiate! ๐ Sellers: More competition is coming. Now's the time to strategize and price right! Want to chat about your plans? Schedule a call to connect with our expert team! ๐ https://calendly.com/tomtoole
๐ Great news! The latest CPI data shows a 3% increase for June, the lowest in three years. ๐ What does this mean for you? Lower inflation could lead to lower mortgage rates. If youโre thinking of buying or selling a home, now's the time to pay attention. For sellers, if rates drop, more people might put their homes on the market, increasing competition. For buyers, lower rates could lead to more competition as others also jump into the market. ๐ The Fed is cautious about adjusting rates too soon or too late. The current expectation is that rate cuts might be on the table later this year, potentially reducing mortgage rates even further. ๐ก For personalized advice on how these changes impact your real estate decisions, schedule a call with our team โก๏ธ https://calendly.com/tomtoole
Thinking about selling your home? ๐ Don't make these common errors โ: No Pre-Launch Campaign ๐ก : Just listing on MLS isn't enough. Start showings at the end of the week, ideally Friday, with a seven-day pre-launch plan. This creates buzz and gives buyers time to plan visits. Poor Media Quality ๐ธ : Use professional photos, videos, and detailed listings. This enhances your home's online appeal, ensuring it stands out and attracts serious buyers. Not Researching Your Agent ๐ : Look for an agent with a proven track record. Ask about their pre-launch strategy, media plan, and experience. Ensure you feel confident and comfortable working with them. Ready to make a move? Schedule a commitment free discovery call! ๐ฒ https://calendly.com/tomtoole
Here are three key trends in the greater Philadelphia real estate market as of June 30th: 1๏ธโฃ New Listings: Inventory is increasing. Nationally, we saw 70,606 new homes listed in 2024 compared to 61,749 in 2023 and 90,741 in 2022. In the greater Philadelphia area, new listings are up by 12.8% from last year. 2๏ธโฃ Pricing: Despite the rise in inventory, prices continue to climb. Sale prices in the greater Philadelphia metro area are up 6.7% from last year. The median listing price is 11.6% higher than last year. 3๏ธโฃ Showings: Showings are down by over 12% compared to the same time last year, indicating a normalization in the market. Sellers should consider pricing their homes realistically to attract serious buyers. For more insights and to discuss your real estate needs, schedule a call with our team! ๐ฒ https://calendly.com/tomtoole
We've got key updates for anyone thinking about buying or selling real estate. โก๏ธ Experts predict a moderate price increase by 2025, indicating a return to more typical appreciation rates, though regional differences will occur. For sellers, expect the market to flatten with increased inventory potentially slowing price growth. ๐ Buyers can still gain equity by purchasing now rather than waiting. Interest rates are projected to stay relatively stable through 2025. ๐ No market crash is expected, with a more normalized appreciation forecasted. Consult a local expert to navigate these conditions and identify opportunities. ๐ Ready to buy or sell? Schedule a discovery call with our team! ๐ฒ https://calendly.com/tomtoole
The May jobs report is out with 272,000 jobs added and unemployment hitting 4%. What does this mean for real estate? ๐๐ก Here's a quick breakdown: โก๏ธ Jobs Added: 272,000, significantly above the 190,000 expected. โก๏ธ Unemployment Rate: Up to 4%, the highest since January 2022. โก๏ธ Wages: Increased by 0.4% from last month and 4.1% year-over-year. Market Impact: โก๏ธ Federal Reserve: Likely to keep rates steady, with no cuts expected soon. โก๏ธ Mortgage Rates: Predicted to remain stable, with no significant drops in sight. Advice for Buyers: โก๏ธ Expect steady mortgage rates. โก๏ธ Inventory is rising, which might offer more opportunities. โก๏ธ Focus on purchasing now rather than waiting for lower rates, which might not come soon. Advice for Sellers: โก๏ธ Current market conditions may be optimal for selling. โก๏ธ Increased inventory might reduce your leverage over time. For personalized advice, schedule a call with our team! โ๏ธ https://calendly.com/tomtoole
A big congratulations to our ๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐, Keir Abrahams! ๐ In the month of May, Keir achieved an impressive $2,704,000 in sales and listings! ๐คฏ In this industry, to be successful, you have to be willing to do what you need to do and go outside your comfort zone. Keir exemplifies this mindset through his dedication and tireless efforts. As a committed agent, he remains receptive to coaching and eagerly embraces fresh opportunities and challenges. ๐ Interested in working with Keir? Get in touch! โฌ๏ธ Keir.tomtoole.comโ โ โ โ โ โ โ โ โ ๐๐๐.๐๐๐.๐๐๐๐ (๐)โ โ โ โ โ โ โ โ โ ๐๐๐.๐๐๐.๐๐๐๐ (๐จ)โ โ โ โ โ โ โ โ โ ๐๐จ๐ฆ ๐๐จ๐จ๐ฅ๐ ๐๐๐ฅ๐๐ฌ ๐๐ซ๐จ๐ฎ๐ฉโ โ โ โ โ โ โ โ โ ๐๐/๐๐๐ ๐๐๐ข๐ง ๐๐ข๐ง๐