April 2023 Market Update
Compiled from the GLVR Website, Presented by Christian Holmes with Journey Home Real Estate
The Lehigh Valley market has experienced significant changes in the past year. Closed sales have declined by 33.6%, inventory has decreased by 27.5%, and the median sales price has increased by 12.5%. These shifts have important implications for buyers and sellers, and understanding the market dynamics can help both parties make informed decisions.
The current market conditions suggest a seller's market in the Lehigh Valley. The decrease in inventory, coupled with a rise in median sales price, gives sellers an advantage in negotiations. However, it is crucial to consider the decline in closed sales, which indicates reduced buyer demand and the potential for negotiation.
Actions for Sellers:
Price Strategically: Set competitive yet reasonable listing prices to attract potential buyers and maximize returns.
Enhance Property Appeal: Invest in small upgrades or staging to make your property more attractive to buyers.
Market Effectively: Utilize comprehensive marketing strategies such as online platforms, professional photography, and social media to reach a wider audience.
Actions for Buyers:
Research Thoroughly: Stay informed about market trends, comparable sales, and recent developments to make well-informed decisions.
Be Prepared: Get pre-approved for a mortgage, gather necessary documents, and have financing options in place to act quickly when you find a suitable property.
Negotiate Effectively: Despite the market favoring sellers, conduct a comparative market analysis and seek professional advice to negotiate a fair deal.
The Lehigh Valley real estate market is currently favoring sellers, but there are still opportunities for buyers. By understanding the market dynamics and taking appropriate actions, both buyers and sellers can navigate the market successfully. Sellers should price strategically, enhance property appeal, and market effectively. Buyers should research thoroughly, be prepared, and negotiate effectively to secure their desired properties.
Here is the Full April 2023 Market update! -> PAR_GLVR_MMI_2023-04.pdf
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