Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in Oreland : Real Estate Advice

  • All10
  • Local Info1
  • Home Buying4
  • Home Selling1
  • Market Conditions1

Activity 4
Tue Sep 23, 2014
dmeustace asked:
Mon Jul 28, 2008
Edmund Choi answered:

Buying new is always nice. When pricing a home, you always need to keep in mind to compare apples to apples. If the homes that you are referencing are older and lack the modern amenities of the home that you are considering, then the higher price is justified. However, real estate is about location also; does the home's location warrant a premium? As to whether you should buy now or later, the Delaware Valley as a whole has weathered this housing "recession" very well, in my opinion. Lastly, ask yourself: if this property were no longer available, would you regret it? Good hunting! ... more
0 votes 1 answer Share Flag
Sun Jul 27, 2008
Susan Meyers answered:
Hi Sarah,

You ask if it is a ”bad idea to purchase”, but I think the question should be, at what price should you purchase the home? There’s not a lot of new construction in Oreland, so I believe I know the home you are talking about; and I think you have good reason to be cautious about the price. Although the street and the area are pretty eclectic, with homes that have sold for both more and less than the home in question, I still have concerns.

First, there are really no recent comps (similar homes that have sold) to support the price, which should be a problem for you and will be a problem for your lender’s appraiser. I ran a quick search in Oreland, then all of Springfield Township, and then I even checked for comps in neighboring Townships, but the price does not appear to be supported. Keep in mind this was a QUICK search - if you have a Realtor representing you, he/she will do a more extensive search for comps for you and then advise you accordingly. (And personally, I would feel a LITTLE better about the price if the home had a bigger lot, was on a less busy street, had a family room, or had a finished basement.)

Second, Oreland is primarily a $200,000 to $350,000 community; so despite the few higher sales in the not-so-recent past, you would still be paying well above the area’s predominant price range. Rule number one in real estate is “never buy the best or most expensive house on the block or in the neighborhood”, so I think that should be taken into consideration when making your decision. (Yes, I know we buy a home to live in and to enjoy, but it is still an investment!)

Therefore, if you really do love this home, then I suggest you have your agent help you determine an appropriate price and then make an offer…no matter how low it seems. At best, the seller might accept your offer, or at worst, the seller might be offended and reject it. Depending on the outcome, if your offer is supported by comparable sold properties, then you’ll either feel better about the purchase OR feel relieved that you didn’t pay too much. In the end, it is only a bad idea to purchase if you pay too much, so I’d rather that you insult the seller than overpay for the home.

Good luck to you, Sarah.

Susan Meyers
Weichert Realtors
... more
1 vote 2 answers Share Flag
Search Advice
Home Buying in Oreland Zip Codes