Many Philadelphia homebuyers are considering a home purchase but have held off because they are not sure if now is the right time to purchase a home. This is a common thought do to the unbelievably low mortgage rates we saw only five years ago. And then the market went on several different roller coaster rides for differing market factors. Since then, many potential buyers have been playing the “Should I purchase now or hold off for better market terms?” game.
Some potential Philadelphia homebuyers are asking themselves a question if summer is now a great time to purchase a home in Philadelphia. Looking at real estate market data, this summer may be a very promising time to make home goals a reality.
Why Should Philadelphia Buyers Purchase a Home This Summer?
There’s more inventory
Currently, across the nation, there is a larger number of homes for sale. A few years ago, a very, very low home inventory created a very challenging market for homebuyers. Data from the real estate website realtor.com shows that many more homes were listed in May 2024 as compared to May 2023. This means inventory is up. There are even more homes for sale this year as compared to 2024. More inventory means an ease in the competition among buyers.
More negotiating power
As buyers came flooding into the real estate market to try and capitalize on incredibly low mortgage rates, home prices skyrocketed, and bidding wars began. Home inventory was low, even though mortgage rates were low. There were way more buyers than there were homes available, reading pretty much no leverage for homebuyers to negotiate terms of a home purchase because 10 other buyers were waiting in line to buy the same home.
Now that things have evened out, buyers have more negotiating power. Recent data shared from Redfin shows that there are more sellers active than buyers in the market currently. This means that buyers have gained leverage in home resale transactions. This means sellers are more willing to listen to buyers’ needs in a purchase transaction and are willing to entertain requests.
More negotiation means possible flexibility in the offer price
With more inventory on the market and more sellers in the market than homebuyers, this allows buyers to have a little more flexibility in the price they offer to purchase a home. As homes are taking longer to sell, more homeowners are reducing the asking price for their homes as well. Data shows that around 19.1% of listings had a price cut in May 2025.
This summer is bringing promising news to Philadelphia homebuyers. It could be well within a potential Philadelphia homebuyer’s best interest to talk with a local expert real estate agent about the possibility of finding their ideal Philadelphia home.
No matter the market conditions, if a buyer is strongly prepared for a home purchase, they can afford the ideal home. Make sure you are financially sound and know your affordable home purchase budget. You can successfully purchase a home in any market. Right now, it is a really great idea to talk about your personal home purchase goals with a local Philadelphia real estate agent.
When searching for a home in Philadelphia, you don’t want to do it alone or rely on the help of technology alone. You want a real estate professional who knows all of the fine details of Philadelphia real estate and can help you find what you are looking for in this large and amazing city.
Contact the team at Victory Real Estate to find your ideal Philadelphia home.
“Liron is very helpful with answering my questions and is very patient with addressing my concerns. It was nice to have someone who cares very much of his customers.“—review on Victory Real Estate