The average days on the market for the 19114 zip code is higher than 88 days. There are 83 homes for sale (not including condos or duplexes) with an average asking price of $275,000. Days on the market alone really isn't what justifies an offer - the comps in the area will. Some questions you should ask your agent is, has it been on the market at $220,000 the whole 75 days, did they start at a higher price, (which is most likely the case), or has is been on the market even longer? Another question would be, how long have they owned the property a.k.a. what kind of equity is in the house? If they have only had the home for a couple of years then they may have a large loan to fulfill, but if they are the original owners, there may be some wiggle room because they have all the equity. Good Luck!

Wed May 14 2008, 09:44

Mike your offer should be based on similiar properties that actually sold in the neighborhood you are interested in. Days on market do affect an owners motivation but regardless of how long a home has been on the market what you need to know is its real value. You should have a complete CMA done on the area. Your Buyer's agent should be able to assist you in this way. If you do not have an agent and you want professional assistance I'd be happy to help you.

Wed May 14 2008, 07:58