The Real Estate Shifting Market- The housing market shifts to a buyers market.
After several years of escalating home prices, bidding wars, and inventory shortages, the national US real estate market appears to be hinting toward a significant correction. It appears the pendulum is swinging away from sellers and back toward buyers
This trend, I believe, is due to a combination of factors like - rising mortgage interest rates, high student loan balances, shifting demographics with the millennial's forming households much later in life, stellar stock market performances making real estate investment questionable and more....
All real estate however is local. So whats happening in our area? We have Malvern a growing thanks to Vanguard and Great Valley corporate center, Collegeville area thanks to the Pharma companies like GSK, Pfizer, SAP adding to Newtown square growth, local IT industries hiring big time, J&J and QVC in West Chester...all leading to a steady growth in employment.
I predict that the housing downturn is not likely to affect our Northern Chester county area significantly. We will see a downward trend and shift from large single family homes on large acreage, to low maintenance town homes or smaller single family homes. New construction is the highly preferred housing for the Asian immigrant population and it will continue to thrive.