Explore who has the advantage when it comes to Lehigh Valley real estate
Like the stock market, the real estate scene experiences ups and downs, fluctuating over time between favoring buyers and sellers. A variety of factors define this distinction, but overall, it has to do with inventory and demand. In recent years, the real estate market in the Lehigh Valley--which consists of a number of communities including Bethlehem, Easton, and Allentown--has favored sellers, presenting low inventory and high demand. However, experts predict buyers may be gaining more traction. Here’s why.
Low Inventory and High Demand
One of the main indicators of a seller’s market is the presence of low inventory and high demand. The Lehigh Valley has grown in popularity in recent years, appealing to buyers looking to escape the bustle and high home prices and taxes in nearby New York City, Philadelphia, and New Jersey cities. Historic and charming yet offering modern amenities, the Lehigh Valley has become a desirable place to live, and as a result, fewer properties remain for sale at this point.
When the number of houses on the market hits a low but demand remains, sellers have more power over listing price, as buyers are more motivated and more willing to pay a premium to snatch up a house in the area.
Favorable Market Conditions
Sellers and the overall health of the Lehigh Valley real estate market have also benefited from a number of upward-looking economic indicators like low unemployment, encouraging mortgage rates, and higher wages. Locally and nationwide, more and more people are in the position to buy with confidence, which is an encouraging trend for sellers who are looking to sell their homes at a premium. Under these conditions, homes sell quickly, values go up, and the market stands strong and steady.
New Listings
Despite recent low inventories, new listings and new developments across the Lehigh Valley point to a future shift of the market toward a middle ground between buyers and sellers. Demand remains, so the Lehigh Valley market still leans heavily toward the seller, but increased selection points to a more balanced market in the near future.
If you are interested in buying or selling Lehigh Valley real estate, contact us today. We would love to guide you in your search and help you find the home of your dreams.