WSJ: Bryn Mawr Family Feels the Benefits, and Disadvantages, of Sellers’ Housing Market

By
Street in Bryn Mawr
Image via LowerMerion.org.

Greater Philadelphia is one of the high-end markets that saw a huge drop in available inventory during the pandemic, creating a hot seller’s market that the Fleming family of Bryn Mawr experienced firsthand when they learned they had to move to Boston, writes Candace Taylor for The Wall Street Journal.

Ashley and Chris Fleming listed their home on a Friday in early March, for $899,000. They immediately got nine offers and by Sunday evening had signed a contract for more than $1 million, all cash.

During the sales process, they received a couple of personal letters from prospective buyers, but they had no sway over the outcome of the sale.

“I have to say that the personal letter is a total dud,” said Ashley. “We had the attitude of, ‘show us the money, because that’s what’s really going to get you the house.’”

The Flemings also felt the other side of the market when they were buying their home in Boston. Due to the low inventory, they had to increase their budget twice – ultimately to $1.555 million – to be able to buy a home.

Read more about the housing market in The Wall Street Journal.

Advertisement