Many market reports and surveys are conducted throughout the year and released during these last few months. We have compiled a few findings that broadly illustrate the canvas that is the real estate market, and how it has changed since 2014.
The National Association of Realtors recently issued its 2015 Profile of Home Buyers and Sellers. This article, on the Economist Outlook, highlights some interesting trends, mainly that buyers are trading up and purchasing larger homes. http://economistsoutlook.blogs.realtor.org/2015/11/16/2015-home-buying-trend-purchasing-larger-homes/?om_rid=AAUdTR&om_mid=_BWVf4sB9IR1IDX&om_ntype=NARWeekly
The NAR offers infographic charts on who is buying in each region of the U.S. Follow the link below to find out about the Mid-Atlantic area and how we compare to others. http://www.realtor.org/reports/profile-of-home-buyers-and-sellers-in-subregions?om_rid=AAUdTR&om_mid=_BWVf4sB9IR1IDX&om_ntype=NARWeekly
Trend, the region's MLS, conducts surveys for southeast Pennsylvania. This link will take you to statistics on Philadelphia county. http://swra.co/wp-content/uploads/2015/11/Philadelphia-School-District-October-2015.pdf Home prices seem to be rising, spending less time on the market.
On Monday, November 16th, the FHA released its annual report to Congress. Serious delinquency rates are at a 7 year low, and the capital reserve ratio has improved by more than 40 billion since 2011. This article by the NAR explains the report in further detail. http://www.realtor.org/articles/fha-fund-reaches-2-percent?om_rid=AAUdTR&om_mid=_BWVf4sB9IR1IDX&om_ntype=NARWeekly
As far as investments go, real estate tends to be the least volatile or risky. Yet 6 years ago the entire country was on the down turn, and the uphill battle since, has been tedious. These days, however, the market is looking strong and moving in positive directions. Some are still weary, but overall prices are rising, the ratio between buyers and sellers is leveling out, and securing a loan is becoming easier for buyers with lower credit scores. As always the team at Donna Santore Assoc. is here to answer any of your questions regarding buying, selling, or renting in Philadelphia.
