Real Estate market stability
I’m often asked the question, “Will there be adjustments or price decreases in home values in Bucks County?”
Many of you would remember the housing crisis in 2008, which affected the lives of many people. The main cause being tremendously dangerous lending practices.
The good news is that pretty much all housing experts are confident that most of the US market will remain stable.
During 2008, there was so much inventory due to foreclosures and short sales, and lack of confidence, and currently market inventory is very low. The only way we’d see a big adjustment or crash would be a very large oversupply of homes.
In Bucks County, we do have a slight increase in inventory, as the market slows slightly, but still increasing demand for homes, as evidenced by narrow supply numbers and the amount of new construction. As land disappears, i.e. is built upon, resales become the only option. We’re not there yet, but close! The new home market is booming! Moderately priced resales are in greater demand.
So, I’m still very bullish about real estate in Bucks County. We are not seeing, and do not expect to see, the short sales and foreclosures due to the over financing in 2008.
One final thought. There are some recent changes at the national level concerning byer and seller commissions, which will impact any transaction. There is so much misinformation, and it is complicated. If you’d like an experienced explanation, feel free to give me a call. If a move is in your plans, buying or selling, please give me a call at 215-962-8511.