Is it really possible to find a fairly priced row home in 19114 or 19154?

Asked by Maji, Philadelphia, PA Mon Mar 23, 2009

I have done my homework, including comps. I know what the average price per square foot should be for a home in fair, good or average plus condition. Why aren't more sellers willing to accept that market conditions have changed? I am not referring to sellers with short sale issues or minimal equity. At what point is the market going to begin to reflect the reality of the recession? Very few qualified buyers are going to be willing or able to pay $200,000 plus for a N.E. Philly row home these days. Why are realtors continuing to list properties way above their actual value - when sale prices are trending down down down? It's very frustrating!

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2
Renee Porsia, Agent, Newtown, PA
Mon Mar 23, 2009
Hello Mji,


Price per square foot doesn't matter when buying a home. What matters is the condition and the most recent homes that sold which are similar to the home you want to purchase. Also, what I will tell you is that homes are now moving. I've been working with my buyers and when the market was slow, I could take my buyers in and they had weeks to make a decision now I take my buyers in and within a day or two, the home is off the market. That is if the home is priced right and for homes that have been on the market for over 100 days.

Most homes in the 19114 area as well as 19154 are over priced but now they are being reduced.

The reason Realtors are over pricing homes is because they are desperate for business so they tell the home owner exactly what they want to hear so they can get their business. It's a real disgrace in my opinion.

If you are seriously looking and do not already have a buyer agent, I would love the opportunity to speak with you about your situation.

Feel free to email me or give me a call at (215) 669-0589.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Office Ask for Renee
http://www.reneeporsia.com
0 votes
Dawn Fussell, Agent, Phila, PA
Mon Mar 23, 2009
Hi Maji
I am not sure if you are doing your numbers right, but the bottom line will be when the house is appraised. Also the recession is not hitting all counties in Philly as the media is projecting.

I like to always put the shoe on the other the foot. What if you had a home on the market, you might feel different. However I understand your point of view as a buyer because I work with buyers for the most. My suggestion is to have an agent who is knows the market at do negotiate the best deals for you. They are out there and they aren't all short sales.

Dawn Fussell
dawn.fussell@realestate.com
215-356-3926
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