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Big White House in Media Philadelphia

Media, Pennsylvania, Real Estate Market Forecast 2023

05/25/23  |  Jenna Leggette

The real estate market has seen many twists and turns over the past couple of years. Read this article to learn more about what 2023 has in store.

Over the past few years, the market for Media, PA, real estate has seen rampant inflation along with drastically falling and rising interest rates. With so many market changes, it can be difficult to know what to expect in the coming months and years. However, this is information that you certainly want to consider if you’re getting ready to buy or sell townhomes in Media, PA. In this article, you’ll get an overview of what the market is currently doing, and you’ll hear expert predictions about what the future could have in store. If you have any lingering questions, reach out to the experts at the Jenna Leggette Group, who will be happy to answer your questions.

1. What’s going on with the market right now?

Homes in Media are in high demand. Home prices remain higher than pre-pandemic levels. Most homes will sell in less than one month, and many homes will receive multiple offers. In this market, it’s not uncommon for an offer to have some contingencies waived. This is an attempt by the buyer to make their offer more attractive or appealing to the seller. It’s common for a home to sell for a price above the listing, and if a home is in especially high demand, it may not last on the market for longer than one week. Potential buyers should be prepared to make competitive offers when they find a home that they like.

2. How does the Media market compare to the national market?

In many ways, the Media market provides a good picture of what the market is doing on the national level. While homes aren’t in quite the same demand across the country as in Media, the national market remains favorable for sellers. At the same time, most experts predict that a slight downturn will occur in 2023. There are a variety of contributing factors, but it’s clear that inflation and rising interest rates are impacting the housing market. Nobody should be surprised if home prices stall, or even drop slightly, sometime during the second quarter of 2023. However, there shouldn’t be any panic alarms sounding yet, because it’s highly unlikely that a market crash will happen that resembles anything close to what most people experienced in 2008.

3. Is the market hotter in certain months than in others?

Sellers tend to make more money when they sell their homes during late spring or early summer. By this time, most people have their tax returns in hand and can use the extra funds to contribute to their down payment. In addition, the weather is usually pleasant, which makes loading and unloading moving trucks easier. Generally, people prefer not to move in extreme temperatures or snow. Finally, families with young children can move during May or June without having to pull their kids out of school, and they still have plenty of time to settle into their new home before their kids return to school in the fall. Buyers should expect to encounter greater competition when shopping for homes during April, May, and June.

The market usually doesn’t cool down until September, and it trails off significantly in October. By then, people are busy with other activities like driving kids to extracurricular activities or preparing for end-of-year holiday plans or work goals. Homes still sell during this time, but some sellers have to experiment with price drops or creative marketing strategies to attract more people to their listings. Buyers can sometimes negotiate better deals during these months.

4. Who should test the market in 2023?

There’s no reason that buyers or sellers should avoid the Media, PA, real estate market in 2023. That said, whether or not it’s the right year to buy or sell a home depends largely on your unique situation. If you’re thinking about buying, you might benefit from prices that aren’t rising significantly, but you still need to have sufficient money to make a down payment. If you’re going to sell, you can feel good about making a profit on your home. However, you’ll have to re-enter the market as a buyer, and you’ll face higher interest rates and strong competition as you shop. Before you decide to take the next step, you should weigh the costs and consider what your goals are for buying or selling.

5. How can I get ready to buy or sell a home?

Anytime you’re thinking about buying a home, you should start by talking with a lender about what sort of loan you could qualify for. Your lender will want to see recent pay stubs and hear about your credit score and your debt-to-income ratio. Eventually, they will give you a loan amount that you are preapproved for. Keep in mind that different lenders will offer different interest rates, so you don’t have to do business with the first lender you meet if you would rather shop around and see who can offer you the best deal. If you’re thinking about selling, you might start by asking your realtor to run a CMA, or Comparative Market Analysis, for you. This will help you think about how you could price your home based on what prices other homes in your area have sold for recently. You can also perform a few small upgrades that will boost your home’s ROI and help it stand out on the market for townhomes in Media, PA.

6. Who can help me shop for a home?

No matter what happens with the market, you can count on the Jenna Leggette Group to help you get the best deal when buying or selling your home. Jenna is an expert when it comes to handling home transactions in the Philadelphia area. If you choose to work with her, she will use her vast knowledge of the local market for Media, PA, real estate, and her expert negotiating skills, to ensure that you are well-represented throughout the entire process. She would feel honored to have the chance to work with you.