Everything You Need To Know About Buying And Selling A Main Line Home
Real Talk From Main Line Realtors
by Patricia Mae Olson, home editor
The Main Line real estate market has been booming for years, if not decades. Now, there’s talk about the market cooling as a recession looms. What’s the Main Line real estate market really like? If you are planning to sell, how do you make your home stand out and not be stuck waiting for offers?
But there is a problem. “My issue is that I can’t get houses for buyers,” Duddy says. There’s still demand and interest, just not enough inventory.
Looking for a new home and think you’ll beat the market in the game? Think again. “There are many people waiting for the market to drop in value to purchase a home,” Duddy said. “The problem is that there are too many potential buyers out there that are thinking the same thing. The only way that values are really going to drop is if buyer demand drops significantly, or inventory increases. Neither of those factors is happening. We’re seeing home values continue to increase in many areas along the Main Line while those buyers sit on the sidelines.”
If you’re planning to put your house on the market, now is the time to do so. Davey says that spring is the best market “with many buyers eager to find something by September. Sellers are certainly at an advantage this spring. It is not uncommon to see offers 5-10% and above list price. If you have been on the fence about making a move, selling now could set you up for a substantial financial win.”
Klein agrees, saying the luxury real estate is continuing to surge. “Our last listing in Lower Merion priced at $1.5 million had 22 offers,” Klein says. “The sellers were very happy to net $200,000 over their asking price and move to their retirement home in Florida. “
How can you position yourself (and your home) for success? Well, these days it all starts online. Klein points out that, “97% of buyers decide if they want to schedule a showing on a home based on its online appearance. It is important to stage your home before your professional photo shoot. We suggest that our sellers pack away any items smaller than 12 inches. These small items stop your eyes when looking at rooms online. We want the rooms to feel inviting, and less is normally more.”
Davey has a mnemonic device: price, paint, plants, and pictures. Those, she says, are the keys to success. “The best way to attract buyers to your home is price,” Davey explains. “Listing your home competitively is the best way to get as many potential buyers in the door. In the spring market, buyers are thinking about spending time outside. Adding a fresh coat of paint and professional landscaping will go a long way. Ask your agent for past examples of their marketing. This is a great way to get a feel for their pre-sale efforts as well as their photographer’s work.”
Make sure your home is putting its best foot forward and put in the work ahead of listing. “People are willing to pay more for homes that don’t need a lot of work,” Duddy shares. “If you are thinking of listing your home, take your time and make sure that your home has been properly staged, has a fresh coat of neutral paint in the main living spaces and has good curb appeal. These small things can make a big difference when it comes down to what a buyer is willing to pay for your home”
For the interior, Drulik suggests asking your agent about home stagers. Ally Piccolomini, owner of Showhomes of the Main Line, explains that “a professional home stager helps with how to best market your home to the broadest group of buyers in order to sell your home as quickly as possible and for the most amount of money.”
Piccolomini brings in her inventory, everything from furniture to accessories, to fill voids so potential buyers can envision themselves in the home. “ A professional home stager will have a keen eye for what buyers are looking for in your property and how you can market your home to beat the competition,” Piccolomini says.
So has the Main Line real estate market cooled? No. And, with limited inventory but still high demand, a seller has a lot to gain.
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