Red Hot Housing Market in the Philly!

To buy houses in Philly, the buyers are facing a huge struggle because of the hot real estate market. Bidding wars can be found greatly among the buyers as most of them are eager to buy houses with low mortgage rates.

The problem is soaring as the demand cannot be met as there is very little supply of houses in the market. For sellers, it’s a great time to buy for buyers. The situation is really very frustrating. Our reporter found, single houses are getting sold quickly. The most astonishing or somewhat fearful thing is that the houses are getting sold at double than their normal prices. According to the Redfin report, when a single house is getting 129 offers, it is very common that the price will be very high.

Recently, a rancher with a four-bedroom has drawn 71 offers. Andrew Black, who is a Philadelphia-based Redfin agent, has confirmed that a decent house is getting a sale in two days. According to the report of March, 59% of the homes have accepted an offer in the first two weeks after going through the contract.

Holly Garber, who is an agent of Roach and BHHS Fox, has agreed on the point that the present situation is definitely the seller’s market. Currently, she is working with ten interested buyers and struggling to find a suitable home for them on a budget. Her primary focus is on the locations such as Cherry Hill, Moorestown, Haddonfield, and the Jersey Shore.

This seller’s market is the result of increasing demand for houses after the pandemic. People are searching homes for their home-offices and the homeschooling of their children.