Are you thinking of selling your home but worried about the phrase “Buyer’s Market”? We have been hearing this phrase for the past few years but it seems the tides are turning. With low interest rates and residential inventory, sellers are gaining an advantage and we have the numbers to prove it.
Perhaps the greatest advantage sellers are gaining is appreciation, the increase in their property value simply due to economic forces. From 2012 to 2013, the average closed price of homes sold in the State College Area School District has increased by 5.6%!
The graph below shows that the average sales price in Centre County has been steadily increasing over the past 5 years:
*Data from the Centre County Association of REALTORS (CCAR) Multiple Listing Service (MLS)
Now, this is great news for sellers and our community but keep in mind this does not mean every home in Centre County is experiencing the same appreciation rate. If you’re thinking about selling or buying, contact me today to find out what’s going on in your neighborhood or the neighborhood that interests you! I look forward to working with you, Haley Dancho