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Market Conditions in Philadelphia : Real Estate Advice

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  • Local Info306
  • Home Buying1K
  • Home Selling149
  • Market Conditions50

Activity 90
Wed Dec 10, 2008
Christopher Benedict answered:
Avery, unfortunately, looking at Philly as a whole is like trying to eat an elephant in one meal. It is just too much to digest.

Philadelphia has had many ups and downs, but if you want to be where the action is, there are several areas that have always pushed through the bad times. Are they the "Cheapest" homes...no. Will you have an easier time renting them...yes.

Contact me for more specific info to your needs....
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Mon Mar 3, 2008
Mikem answered:
Average has no place in real estate. As a buyer, you wouldn't buy an "average" house would you? No, you would buy a house that you like, that to you, is special and not average. This is after all why you are looking at houses instead of fliping a coin and buying some "average" house. So, why would you expect to have some fixed % rate by which sale price differs from list price for houses when each one is different and unique?

In general, since we are in a buyer's market right now, in many sale price is lower than list price, not by some average % though. It depends on a house, why is it being sold and why would people buy it, as well as on where did original list price come from. If a house was overpriced, sale price will be lower than list price, if it was priced right than sale price might be higher. You can't just generalize.

PS: Of course id depends on if it's seller or buyer's market, simple demand and supply. In a sellers market when you get 5 offers from an open house, if your offer is below list price they probably won't even talk to you, today many people are just happy to get an offer at all. So you as a buyer have a negotiating power you didn't have a few years ago.
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Mon Feb 25, 2008
Chris & Stephanie Somers answered:
I would call a couple of qualified contractors to get some estimates. Ask around from neighbors and friends for a good referral. Or look in the local papers (NE Times, The Star, The Spirit). I believe that if a contractor is spending money for advertising, that typically is a good sign. Good luck ! ... more
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Thu Jan 31, 2008
Chris & Stephanie Somers answered:
Jack,

These properties used to fly off the shelf. I recommended sellers that the top of the market in Juniata was about a year ago and my timing was pretty much right on the mark. Now there is a lot of inventory... for the first time, listings are expiring and are being withdrawn. Im pretty sure the days on market is approximately 3 months which still is not bad, but there is a lot of inventory and a lot of overpriced properties that are on the market as sellers have not adjusted to the correction in Juniata in addition to the fact that a lot of the buyers that could get mortgages there a year cannot get them today. My office is not far from there and I personally have sold many many properties there in the last couple of years. If you have other specific questions, let us know. Our website is below. ... more
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Sun Jul 27, 2014
Tom Napoli, Realtor answered:
Hello Just Looking:

I am a Realtor that assist buyers in that area of Philadelphia. Fishtown offers easy access to down town center city and transportation. Home prices are available to most income levels as well as the higher end homes and developers offering new condos and townhomes. Its hard to predict the future however, fishtown like the center city market is very similiar. Prices over the past year and into the near future are stable eventhough we are not in a sellers market. I see opportunities for home buyers with more homes to choose from and more negotiation opportunities unlike previously.

Feel free to visit my website www.MyPhilaRealtor.com to search the entire MLS for homes for sale. There you can select philadelphia as the county and then select fishtown as the town....then simply click search to view all the current active listings in Fishtown. You can also use my Market SnapShot to get a feel as a buy for what properites have sold for as well as whats currently listed...however you would need to choose a subject property...maybe a home you might be considering.

Contact me If I can be of any futher assistance. I wish you the best on your home search and am here to be of any futher assistance to you.

Tom Napoli, Realtor
Keller Williams Real Estate
Direct 215-321-1769
Main 215-757-6100 Ext 374
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Thu Oct 2, 2008
Chris & Stephanie Somers answered:
Michael. I own a number of properties in Philadelphia and work with a select group of investors and developers. One of my favourite areas in Philadelphia is 19122 which is called Old Kensington, just a little bit north of Northern Liberties. Northern Liberties has been the highest appreciating zip code in all of Philadelphia the last couple of years so my theory is that this growth (development, construction, condo converstions) will continue to move north in this area. I also am very bullish on the riverfront area from Old City to Bridesburg which includes Fishtown "19125" Port Richmond and Richmond "19134" and Bridesburg "19137". Please refer to my website below for more info. Good luck in your investment. I think it is a very wise choice. ... more
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Mon Mar 15, 2010
Ken Herrera Group answered:
Hello David,

I do not live in your area, however I do not believe your question should go unanswered. You can contact a local Realtor and have them send you some listings so you can compare rental prices. Also you can check www.Rent.com, www.Craigslist.com and the classified section of your local newspaper, this will give you the best info on Rental costs in Manayunk.

Best of Luck,
Ken Herrera
Century 21 Infinity
www.c21infinity.com
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Wed Feb 29, 2012
Jodi Strober- Bucks & Montgomery County PA answered:
Bruce,
If you gave us a bit more information, we could probably help you better.
What size and style home are you referring to? How many bedrooms, bathrooms, garage, finished basement etc? If it's a townhome, is it an airlite or straight thru? What's the total finished sf ?
Also, it will depend on the block you are on. Are you West of the Boulevard or East? North or South of Rhawn?
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Mon Jul 30, 2007
Ryan Hartman answered:
You can find the answer to this question by following the Statistics link at www.houseithanging.com. Enjoy!
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