Proof in the Pudding: National Housing Market Surge Rolls into Lower Merion and Philly Burbs



New in Wynnewood: Bids to be reviewed in less than 100 hours!

 All real estate is, Duh, local. So while national headlines decried depression and utter calamity in Arizona, Nevada, Florida and other far-flung markets over the past several years, those headlines never accuately reflected the less dramatic swoon in values that affected the Philadelphia-area market.

But right now, the univeral memes trumpeting a surge in home prices and buyer activity on Main Street, Anytown, USA. are just as applicable to the Philadelphia/Mainline housing markets.
What's playing in Peoria is also now playing our part of Southeastern Pennsylvania, namely:

*There are lots of buyers out this spring.
*There are a lack of quality homes for sale
*Good homes at above market prices are selling at, or above list price, in 24-48 hours.

To boot. the following language just showed up in a brand new Wynnewood listing posted to the Realtors multiple listings service:   Offers to be presented on Wed. evening 5/1/13.
This note was posted on Thursday April 25, with the first showings not permitted until Sunday April 28. The Sellers' agent is already anticipating there may be multiple offers and setting up a cattle corrall to organize incoming offers and to prevent Realtors from beating down the door to the brokerage to get their clients' offer reviewed first.

Is this home completely amazingly oufitted and one of a kind?
Is the price outrageously low?
Is the agent full of hubris to already discuss when offers will be presented, when there have yet to be showings?

The answers:
No. The house is not amazing and one of a kind. (But it is Very Nice)!
No, the price is in no way irresistible. (But it is in the ballpark)!
No, the agent is not being unrealistic in expecting multiple offers and intense competition.

The agent is being prudent and is sensitive to the fact that very good houses in Lower Merion, especially in the Shortridge section of Wynnewood are being very competitively sought after. This language and notion of predicting offers in advance is not something our housing market has seen in years. But while buyers and demand are coming back, prices are still below what many folks may have paid during the boom days of 2005-2007, so many homeowners are still skittish to sell. As a consequence of limited supply and pent- up demand, sellers who are taking the plunge are seeing a significant uptick in price paid, as well as a delightful downturn in days spent on the market. And statements, like the one above -which predict multiple offers before the home has really even hit the market - are pretty much the proof in the pudding that national buzz of a rising market is also true in our neck of the woods.