"It's A Buyer's Market." True or False?

It's a buyer's market. Is that a true or false statement? Hmm...I would imagine many would say it is true. So I asked a few people what they thought. See my video clip:

Looks like most people believe that it is TRUE that we are in a buyer's market but I beg to differ and I challenge the popular belief, particularly in my Philadelphia Real Estate Market.

In a video clip I did a few weeks ago, I featured one of my clients as he was looking at trinity homes in Queen Village and Bella Vista. Recently we wrote an offer on one of the properties he viewed. This property was on the market for quite some time and needed a decent amount of home improvements and updating. But just as we worked out an agreeable written offer for the seller, two more offers from other buyers came into the picture! What are the chances? I thought this was a buyer's market!

Well, the chances are clearly better than what most people think. Multiple offers are not a thing of the past in Philadelphia, even in this so-called "buyer's market". A multiple offer situation will often occur when the subject property is #1- priced right and #2- is located in a highly desired location. These two key criteria when combined create a powerful win-win scenario for a savvy buyer whether they are a first time home buyer, a seasoned home owner or a Real Estate Investor.

I always say to my buyer clients, if you love this home enough to write an offer, someone else probably does, too. Therefore if you are considering writing an offer on a home that is priced right and located right, then be prepared to write a strong and fair offer and do not delay. Timing is often everything.