Let's Save You $6,000+ Annually on Your Home

As always, this is not automated. That's right, I type out every word you see (unless there's a typo, then it's automated ??).

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?? PHILLY METRO HOUSING REPORT, SEPTEMBER 9TH-15TH, 2024 ??

• New Purchase Contracts Skyrocket. There were 1,838 new purchase contracts this week in Philly Metro, a +19% increase from the week prior. As I type this, mortgage rates are sitting around 5.65%, which is around 2 full percentage points better than the same week last year. This is providing a WHOLE LOT of affordability relief for buyers.?Mix this with an actively growing supply and all of the sudden there is a nice buying window!
• New Listings Spike. Supply has been recovering for the majority of 2024, and further improvement is expected as 1,742 new listings were added this week in the Philly Metro area. Compared to the same week last year, new listings are up +6.6%, showing that seller confidence remains higher than the previous year.? Active Listings are also up a whopping +15.4% compared to last year.
• Showings Up This Week. In the week ending September 15th, there were 27,359 showings in Philly Metro, up +3.0% from the week prior. This is a good sign, as for most of the year, there has been a significant disparity between showings in 2024 and 2023, despite the increase in supply. With mortgage rates declining and more homes available, potential buyers may be feeling more confident about entering the market this fall.?

TLDR: Buyers have a great window right now! Rates are down significantly and inventory continues to grow.

Thanks For Coming Out to Lawn Fest!

Thank you to everyone who came out an supported the Lawn Fest at Park Towne this past weekend!

It was a pleasure meeting so many new faces, as well as reconnecting with old friends, all for a great cause. The event raised a bunch of money for CogWell, a nonprofit organization that empowers college students to address mental health issues, and more importantly created a dialogue around the topic.

If you have any causes or events that you are passionate about, please reach out. I’d love to help promote or participate.

Today’s Affordability Explained in Numbers

*Let’s assume you are purchasing a $450k property and putting down 20%*

Below are your estimated monthly P&I (Principal & Interest) Payments at different interest rates.

7.75% Rate (Oct 2023): $2,579

7.25% Rate (May 2024): $2,456

6.75% Rate (July 2024): $2,335

5.65% Rate (Today): $2,078

A $450k home is now more than $500/month (FIVE HUNDRED DOLLARS PER MONTH) more affordable than it was last year.

That is over $6,000 in annual savings.

For most buyers this is massive!

If you want to learn more about the home buying process and/or see if you are ready, please reach out. No commitments necessary.

Want to chat?

C: 215-779-8961

E: [email protected]

Social: @dbsellsphilly