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Market Conditions in 19131 : Real Estate Advice

  • All43
  • Local Info0
  • Home Buying24
  • Home Selling7
  • Market Conditions0

Activity 90
Fri Nov 9, 2012
Saroj Gupta answered:
Hi Victoria

It always come down to PRICE and Location, being cooperative also helps. Are you buying or selling in Overbrook, That means I can guide you better.

Call me 610-547-8939

Saroj Gupta
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Sun Jul 22, 2012
Nick Sylvestro answered:
That property has been withdrawn from the market. I can contact the prior listing agent to find out the status. There are other properties in that area for sale and I have one coming up soon. You can contact me at 267-225-3910 or remaxnicks@gmail.com to discuss these options.
Nick Sylvestro
Remax Access
... more
0 votes 4 answers Share Flag
Sat Jun 16, 2012
Tim Moore answered:
There is an old saying in real estate - It's worth what you will pay for it. Also what the bank will loan on it and that is where an appraisal comes in to play. Have a Realtor do some comps on the property to arrive at a range of its value. ... more
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Wed May 2, 2012
Lisa Montes answered:
Here in Texas Realtors still shy away from short sales. They are difficult and it's a long process. I have had several buyers back out after 45 days of waiting....it takes anywhere from 3-12 months to close here. Foreclosures are easier to work with and usually close within 60 days. I almost prefer Foreclosures! The market is picking up in Dallas however it was never really hit too hard! ... more
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Wed May 2, 2012
Jeri Creson answered:
I'm from California, so I can't say, specifically how the market in Philly is…but I can say that I hear this question daily in my market. The answer is, "it depends". Nationally, we're seeing reports of slowing foreclosure rates….some markets have rebounded, while others (usually smaller markets) are still in decline. The news is rosier than it has been in many markets since 2007, but expect to see ups and downs. The "bottom" may be reached in some markets, where we may have a year or more to hit bottom in others. I think there is little debate that we're towards the end of the foreclosure disaster, though - rather than early or mid stage.

There is a lot of uncertainty still regarding the "shadow inventory" … foreclosed homes that banks are still holding on to. I feel it's unlikely that we'll see a second wave of declines, as the banks have demonstrated pretty clearly at this point that they aren't likely to shoot themselves in the foot by dumping huge numbers of properties onto the market all at once and cause further price declines. There are plenty of buyers in most markets, fighting over very few quality listings. As such, that together with low interest rates are keeping prices stable in most markets. I see this continuing for some time as banks trickle their inventory out to the market, and the Fed is committed to keeping interest rates low. Now is a good time to shop. As there is a lack of inventory, prepare to have to try a number of times before finding the right property. Consider being more flexible and open minded - less rigid with your wants/needs lists. But also don't feel like if you don't buy this very instant you are going to miss out on a hot market.

This is a good time to do your homework, and be prepared to make logical offers in the fair market value range. There are too many buyers out there to think that you're going to get a big discount off the asking price. That discount is already built in to the asking price for the majority of homes in the market - In a true Buyers market, buyers often get big discounts off asking prices because a lot of houses are competing for the attention of a few buyers. This is not the case. It's also not a true seller's market - Where unusual and sudden leaps in value with bidding wars can cause wild appreciation. This is a common sense market. See what has been sold (not asking prices, but closed prices) in the past 3 months for similar homes and keep your offer in line with those prices. Throw out the extreme lows, throw out the extreme highs - and focus on the median range. That's where you'll find true fair market value.

Good luck to you!
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Mon Apr 2, 2012
Sheri Curci answered:
what is 63134?

John Curci RE/MAX Properties

215-757-2889
0 votes 1 answer Share Flag
Wed Mar 28, 2012
Dmytro V. Bova answered:
Well, this depends on the actual property and the building. It may also depend on just how motivated the seller may be. But perhaps, an offer at 10% less than asking price for a condo may be OK.
Are you being represented by an agent as a buyer?
If not please do not hesitate to contact me. I can advice you, arrange for negotiations and put an offer in for you with all your appropriate documentation to the seller and/or their agent.
Sincerely,
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-348-8389
Tel: 610-449-1919 x.223
Fax:484-453-8313
Licensed In Pennsylvania

Never Stop Building
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0 votes 8 answers Share Flag
Mon Mar 19, 2012
Andrew Himes answered:
What part of Philadelphia are you speaking about? There are very distinct differences in the market in different sections of the city.

Andrew Himes
0 votes 12 answers Share Flag
Sat Sep 10, 2011
Bruce Lang answered:
i think its tough to make that call. its also in my opinion different in different parts of the city. waterfront square has started to stabelize/small price increases. other developments are seeing similar trends...even in hard hit developments like victory and riverwest where people 99% of the time must pay cash, prices are slightly rising. if you arre considering buying with financing, then ownership costs are OFTEN (not always) less than renting. good luck .... ... more
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Mon Apr 2, 2012
Dan answered:
Sellers never take this advice:

Every month your home does not sell, reduce the price by 10%.

If you are unable to come to grips with this reality then consider defaulting.
0 votes 17 answers Share Flag
Wed May 2, 2012
Jeff K answered:
Is there a question here? Are you really asking something like "what's my home worth so that I know if the offer was a good one? Are you in pre-foreclosure, etc? Are you even interested in selling? ... more
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Wed May 25, 2011
Uneek_dzine asked:
Fri May 13, 2011
Anna M Brocco answered:
Average days on the market does vary by exact location, pricing, condition, size, schools, etc.; for specific detailed information, do work work with/ask any local agent.
0 votes 0 Answers Share Flag
Sat Apr 23, 2011
Bruce Lang answered:
cathy...the question you ask isn't easily tracked...in philadelphia county very few places are rented with brokers...what i can tell you is that from 5/1-8/1 there are a lot of rentals...many st joes students rent in east falls as well as textile ... ... more
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Mon Apr 11, 2011
Anna M Brocco answered:
Commissions are always negotiable between you and your agent, there are no set standards as it would go against Federal Laws--therefore consider interviewing a few local agents from different realty companies, then choose the one you like best; choose your agent with care. ... more
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Wed Sep 28, 2011
Bill Eckler answered:
Vanessa,

The potenrial for resale is a factor that all buyers should consider when purchasing property. Size of home, location, proximity to schools, etc all contribute to desirability.

If you are considering the purchase of a 1 bedroom condo you should be weighing the pros and cons carefully because in most locations(even vacation areas) one bedroom units are often difficult to resell because of the limitations that are attached.

While the decision is yours, the difficulty of a resale may be yours as well.

Good luck with your decision.

Bill
... more
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Fri Jan 7, 2011
Lesley Barbosa answered:
Better! I think your approach to everything speaks volumes about the person and professional you are. When things get tough work harder, do more for everyone you are lucky enough to represent and make it count.

Merry Christmas and all the best to everyone for 2011
... more
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Sun Oct 3, 2010
Michael Garden answered:
At the Murano the parking is included in the asking price. If you are interested in seeing any of the units at there, or other condos with parking in the area, feel free to contact me. I have several listings to show you.

Michael Garden
CITYSPACE
2200 Walnut
Philadelphia 19103
mg@michaelgarden.com
215 500 2981
... more
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Mon Sep 27, 2010
Hannah Angert answered:
Dollar for dollar I think West Philly, 19104 in particular, is a better investment for re-sale to the university population or holding as student or faculty rentals.

Hannah Angert
William Festa Realty ... more
0 votes 9 answers Share Flag
Sun Aug 28, 2011
Fred Glick answered:
There is no such things as a ballpark number for an entire area.

What is the context you need this for?

Email me direct fred@usspaces.com with details and I will be happy to help.
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