November is right around the corner, and with the holidays quickly approaching, this may be the right time to review your real estate strategy. Buyers are still looking and homes are still selling, but they are being very cautious. In Center City, homes are spending a median of approximately 77 days on the market and selling for about 98% of their asking price. Buyers are considering the entire cost of ownership, including the mortgage payment, taxes, insurance, utilities and possible repairs. Condo buyers are also carefully looking at monthly fees, parking and assessments. Mortgage rates are certainly part of the hesitation. The average 30-year fixed rate was 7.32% on October 22. Let’s all hope rates come down! In the meantime, mortgage companies may offer very different rates, loan programs, closing-cost assistance and rate-buydown options. Ask me for my list of trusted mortgage professionals. I am always happy to make an introduction.

What Should Sellers Do?

If you need to sell quickly, it is critical that we price your home correctly. Today’s buyers are unlikely to chase an overpriced property or assume that a seller will negotiate. A home that has been sitting may need a meaningful price adjustment, refreshed photographs or a stronger marketing approach. A very small reduction may not be enough to change how buyers see the property or move it into a new online search range. Renting may also be an option. We need to compare the expected rent with your monthly expenses and review any building or community restrictions. Many condominium buildings require a minimum lease term of 6 months or longer. Continuing with the current strategy is also an option. If staying the course feels right, I will continue creating the strongest possible exposure, personally reaching out to agents, following up with interested buyers and doing what I do every day… bringing qualified buyers through the door.

What Is Compass Private Exclusive?

If you are not in a hurry, waiting for the spring market may make sense. Instead of remaining publicly listed throughout the winter, we may be able to offer your home as a Compass Private Exclusive. During this first phase, your property is shared privately with all Compass agents (there are approximately 340,000 affiliated agents) and their serious buyers rather than being placed on the MLS and its syndicated real estate websites. This allows us to test the price, gather feedback and arrange private showings without adding new public days on market or showing additional public price reductions. When the timing is right, we can move into the Coming Soon phase, which offers broader exposure through Compass.com and Redfin before the home is released to the MLS and its syndicated websites. Private does not mean we stop marketing. I can promote your home to Compass agents, my database of more than 9,000 agents from other brokers that include agents in NYC and D.C., two important feeder markets for Philadelphia. I can also reach my buyer and seller database, personally contact agents with matching clients and build valuable word-of-mouth interest. Compass reports that homes using Private Exclusive or Coming Soon marketing were associated with a 4.6% higher closing price, went under contract 34% faster once publicly active and were 29% less likely to have a public price reduction. These are nationwide company averages, not guarantees, but they demonstrate the possible value of thoughtful pre-marketing. Moving an active listing to Private Exclusive does not automatically erase its previous market history. Under current Bright MLS rules, cumulative days on market may reset when a canceled or expired listing is relisted on or after the 61st day. Temporarily Off Market pauses the count but does not reset it. If a listing were canceled or expired on October 26, the 61st day would be December 26. You have time to make a decision and time to reset the Days on Market as well! We can use the winter to paint, make repairs, update photographs and prepare for a strong launch as buyer activity begins building again in late January and February. Need a contractor or handyman? Let me know. I only recommend professionals I have personally used. My list is small but mighty!

Buyers Should Start Now

If you are planning to buy in the spring, do not wait until spring to begin. Some sellers are already preparing their homes, while others are available privately and cannot be found on the usual real estate websites. Connect with me now and share your preferred areas, price range, property type, parking needs and moving timeline. I can create a personalized collection, watch public and private opportunities and help you compare taxes, monthly costs, recent sales and neighborhoods. You may have an opportunity to see a home before it reaches the public market and before spring competition increases.

Philadelphia and the Suburbs

Although much of my business is in Philadelphia and Center City, the suburbs are also my territory. I assist buyers, sellers and relocating clients throughout Bucks, Montgomery, Chester and Delaware counties. I check the market statistics first thing in the morning when I wake up and again before I go to bed. I watch new listings, price reductions, properties going under contract, withdrawn homes and recent sales because the market can change quickly.

Being a great agent means knowing the market, paying attention every day and adjusting the strategy when needed. Rest assured, I have you covered.

If you are thinking about buying, selling, renting or preparing for spring, let’s decide together which strategy makes the most sense for you. Enjoy the Fall and you will be hearing from me again soon. As always, please don’t hesitate to contact me anytime.

Warmly, Naomi