Existing Home Sales Down 12% in Phila Region
The Philadelphia Inquirer reported today that existing homes sales are down 12% in the Philadelphia region. I actually think that when prices adjust downward, opportunities for trade up buyers become tremendous. Click on the article to read the story.
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Trade up buyers selling a home worth $400,000 two years ago for $300,000 tody can also buy the $800,000 home from two years ago for $600,000 today. So buying a home that is worth more than what you are selling is a good place to be in a market that has seen prices adjust downward. In this market the sellers who will get hurt are those who are downsizing.
As far as sales being off by 12 percent, I actually am amazed that the numbers are not higher based on the media, economy, stock market, layoffs, bank failures, and mortgage company disasters.
Actually, in the last week, we have seen a slight pickup in activity on all price ranges.
Trade up buyers selling a home worth $400,000 two years ago for $300,000 tody can also buy the $800,000 home from two years ago for $600,000 today. So buying a home that is worth more than what you are selling is a good place to be in a market that has seen prices adjust downward. In this market the sellers who will get hurt are those who are downsizing.As far as sales being off by 12 percent, I actually am amazed that the numbers are not higher based on the media, economy, stock market, layoffs, bank failures, and mortgage company disasters.
Actually, in the last week, we have seen a slight pickup in activity on all price ranges.
posted by Allan Domb at
1:56 PM
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