Sep 13, 2020

Why Is The Market So Hot?














If you are looking for a home, you may be experiencing what we commonly see in 717 area code for short stretches. A couple of weeks. Maybe 30 days.

The difference now is we have had the pedal to the metal since mid-May. Why? If you read news reports --- the answer is that the interest rates are low. It is true that low interest rates can prompt an uptick in the amount of buyers. However --- I feel the real reason is simply low inventory.

A case could be made that more buyers than homes for sale *because* of the interest rates. Again - it's part of the equation. The real answer (my opinion) is even simpler. People like living here. They like their community. So much that a number of us just aren't moving. 

Let's face it, we have had low interest rates for a long time. Polling my recent clients, some repeat reasons for moving included down-sizing, getting married (or the opposite), and job relocation to the Harrisburg area. Not one client I asked mentioned low interest rates as a reason they chose to pack up and move. When I brought it up they didn't really think it was a factor. What is a factor (though they may not have realized it) is that their buying power increased with low rates. Sort of. Values are up, and competition is strong.

Why should you care about this? Move when you want to. When the time is right. You want to live next to the creek. Great, make a move! Kids left home and you only need a condo or small home. Let's talk!

Something else to consider is many of us (not me!) spent so much time at home this summer, we realized we want to live in another house. Or maybe we finally fixed it up. We had time to *think* about moving down the road, up on the hill, or over by the lake. This may be a very big factor. But still --- people are moving within our community. There isn't a mass exodus across the PA border. Some, but not alarming.

Why is the market hot? Because you are comfortable here. What's that, you want to move to Hawaii? Forget everything I said. Let's talk this week :-)