PHILADELPHIA (CBS) — Homebuyers taking advantage of historically low-interest rates are providing a boost to the housing market, but supply is also down during the pandemic. So, is it a seller’s market or a buyer’s market?
Whether you’re buying or selling, a local real estate agent has some tips.READ MORE: Exclusive: CBS3 Obtains Surveillance Video Of Triple Shooting That Left Toddler Injured, 2 Men Dead In West Philadelphia
With the summer sun heating up our area, it looks like real estate is heating up as well.
“Looking at record rates of unemployment, you would expect that the housing market would be struggling. But it’s actually the opposite, the market is on fire in our area,” said real estate agent Allison Wolf, of Berkshire Hathaway in Montgomery County.
But for who exactly, and what does the market look like these days for folks looking to buy or sell?
Wolf has been in the business for 14 years and says she has never seen a market like this. And she says it’s a stellar time for sellers.READ MORE: 3 Injured In West Philadelphia's Second Triple Shooting Of Day, Police Say
“It’s a seller’s market by far,” Wolf said. “So many people during this quarantine were stuck inside their homes. They really started to reevaluate things. So, not only did it really motivate those who were already in the market to buy a home but it brought new buyers into the market place.”
So, buyers beware.
Wolf has some helpful tips for buyers and sellers during this time in the market.
“For sellers, if you are even remotely considering selling your home within the next year, now is the time to have a conversation with a real estate agent. On the buyer side, you need to be working with an agent. You can’t go on your own, you can’t get into the house at all,” she said.
Wolf also says now is the time to get your feet wet if you were planning on searching for a home this fall or winter. That is because you’ll want to have as much information on what you’re looking for in your dream home and gathering more information on the process and what’s out there now will help you make the most informed decision later.
So happy house hunting and selling all, and good luck!MORE NEWS: Philadelphia Police Investigating 2 Crashes Involving Officers
WATCH THE VIDEO FOR VITTORIA WOODILL’S FULL REPORT