The September Market

Evan Frisina

The early fall market is proving to be quite similar to what we saw this summer. Buyers are back out searching for properties after many had taken some time off in the hopes that interest rates would decrease. Most of my buyers are of the mindset that they'll secure their house now with the hope to refinance for a better rate in the months or years to come.

Inventory remains scarce in both the city and suburbs. In the city, buyers and sellers are working together to negotiate terms and find common ground. Buyers in Montgomery, Bucks, Delaware, and Chester County are fighting tooth and nail to secure properties, in these ultra-competitive markets.

Some suburban buyers will bring home inspectors to their property tours so that they can waive contingencies and get their offer to the front of the line. Sellers are making out quite well in the suburban markets -- well enough, in fact, that they are using their over-asking-price profits to buy down the interest rate on their next property. In both markets, buyers are doing all that they can to secure the best financing terms; some are pledging stock assets so that they can limit their down payment amounts while others are shopping lenders for the best interest rates. For their part, some lenders are also stepping up and offering free future refinancing credits.

Looking ahead, I suspect that if interest rates decrease while inventory levels remain low, buyers who are on the sidelines will rush to the market to compete over limited inventory; this would presumably lead to properties trading for higher prices. If you or your financial planner suspect that interest rates will decrease in the near term, maybe the play is to purchase now and refinance later? Food for thought.

As always, if I could brainstorm about a home purchase or strategic sale with you, it would be a pleasure. Please reach out anytime!

Cheers! 🍁
Evan

215-205-7351 Evan (call/text)
267-435-8015 Compass
evan@evanfrisina.com