Daily News | Eager home buyers are offering Spanish lessons and cash. But signs around Philly point to less competition come summer.
The number of active listings of homes on the market is down from the same time last year. But the drop is less dramatic than in many other metros and the country as a whole. Active listings are down 5% in the Philadelphia region but down about 19% nationwide.
Julie Welker, associate broker and leader of The Welker Group under Compass, had at least five listing appointments in the last week of March. Sellers who have been reluctant to list homes because of the pandemic are feeling more comfortable, she said. Empty nesters are moving into condominiums. “A number of properties are going to come on the market in the months of April and May, and buyers are already there,” said Welker, who works with buyers and sellers mostly in Center City and around the Art Museum. She has clients who have been trying for a year or more to find the right home to buy.“More people are putting their homes on the market because they know they’re going to get a really good price,” said McCann, leader of The Carol McCann Team.
“I have a lot of sellers who have chosen to sell their homes and just rent for a year until the market hopefully adjusts,” she said.What happens over the next few months largely will depend on mortgage rates. “Mortgage rates have been a big wild card this year,” Hale said. “They were expected to rise, and they have done so much faster than most forecasters expected. ...We’re only just starting to see higher rates making their mark.”. That’s up from an average rate of 4.42% the previous week and 3.18% a year ago.
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