The bottom line is that the housing boom/fallout had very little effect on NE Philadelphia. Have you ever seen a foreclosure sign in Mayfair? Please don't get me wrong there are issues in this area, but all in all the market is steady without fluctuation. Homes in West Mayfair range from 135k up to 175k depending on, of course location, condition, amenities etc. If your block is Brighton, that is a more popular location. Remember also, that while you are not taking any significant loss on your property, if you are trading "up" you will most likely save more then you will loose. Example: the Market is down 10 percent so 10 percent off your west mayfair home of say 150k is 15k putting the price at 135k with a loss of 15k. But....if you are trading up to a home that is say 250k with a 20 percent loss, that totals a 60k price reduction compared to your 15k loss. You actually are 35k ahead of the game. For more info on selling at the highest price visit my website fro a free eBook, "Sellers Secrets".
Robert A. Martini
Keller Williams Real Estate
If you would like a free Market Snapshot of the area, just go to http://www.carolworks4you.com. It is free...no cost or obligation. You will receive monthly updates of sales, listings and other general real estate activity in your neighborhood. This report has proven to be very helpful for both home sellers and buyers. Good luck to you..
And in the past 2 months, 30 or so sales. Not to bad at all. Being in the Philadelphia market, I am use to seeing much smaller amount of comps. What is occuring I think can be contributed to the tax credit and the surge which occured prior to the news of the extension.
Mayfair is a good area and price range for the person who might be moving from a rental into their first home. Now that the credit applies to step up buyers, you might even get someone moving from another areas as well. Trading up in home price.
I grew up over in Tacony and have always been over at the Mayfair diner and now am up in East Torresdale. If you have any specific questions, I help sellers list and sell homes all throughout Philadelphia, Mont, and Bucks but have grown up right around the corner from you practically.
Long and Foster Real Estate
Office 215-409-6900 ext. 16