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Philadelphia, PA Real Estate News

By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
Today, while waiting for a pre-settlement walkthrough, I found a fascinating YouTube video. It is comparing prices on Dollar Tree prices and Amazon prices. I was astonished and decided to use this as this week's Philadelphia Steals and Deals. I purchased some of these items myself and was shocked that they worked. As the man in the video suggested, I also made it a point to read the labels. This practice helped me understand the product's compatibility, ensuring I made the right purchase.I have read several articles about Dollar stores. Some say they will be closing. Others say they are just going to be raising prices again. Despite rising prices in today's economy, they are the best buy in town. When I shop there, sometimes I spend $14; other times I pay $38. Where can you buy a six-pa...
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By Christopher Nelson, Montgomery County, PA - Realtor
(GenStone Realty)
Philadelphia, known as the City of Brotherly Love, is a destination rich in history, culture, and vibrant energy. As the first UNESCO World Heritage City in the United States, Philadelphia holds a special place in the nation's history as the birthplace of the United States. From the iconic Liberty Bell to the historic Independence Hall, visitors can immerse themselves in the country's founding and explore the city's rich American heritage. But Philadelphia is not just about its historical significance. The city has evolved into a modern metropolis with a thriving arts scene, a diverse food culture, and a vibrant nightlife. From top-notch art galleries to world-class museums, from authentic Philly cheesesteaks to trendy cafes, Philadelphia offers something for everyone. In this blog, we ...
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National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007   Northeast:  median home price was $248,800, down 4.7 percent from the fourth quarter of 2007 The Greater Philadelphia Region fared better than the national market and slightly below the Northeast with prices falling 6.8 percent. Other local real estate data, listed below, was released by Prudential Fox & Roach, HomExpert Market Report® and compares how the local market has impacted your audience. National: median home price was $180,100, down 12.4 percent from the fourth quarter of 2007 ·         Northeast:  median home price was $248,800, down 4.7 percent from the fourth quarter of 2007
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity February 12,2009 Philadelphia Active 8491 Pending 1418 Bucks County Active 3545 Pending 532 MontCo Active 4691 Pending 710 DelCo Active 3008 Pending 521 Call for commercial and multiuse activity reports.
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
To reduce or not reduce. That is the question. And I bet they were asking the same question back in Shakespeare's Hamlet days. People and times have certainly changed since Shakespeare's time but the big question many sellers have is, "When do I do a price reduction?" and the next natural question, "How much should I reduce the price?"  As a Realtor, it is my personal observation that it is the one recommendation that seems to create way too much tension.  So, in an effort to help make "price adjustments" more logical and less emotional, I have the following 6 comments that may help. IT IS TIME TO DO A PRICE REDUCTION WHEN...1) When you want to increase the number of showings you are getting. The more people who come to see your home the greater chance you will have in getting an offer ...
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By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
A Group of us in our  Real Estate office in Philadelphia started a  site called PhilaDwellPhia.Com. We are a fairly large office approx 50 agents and growing.Each of us took an area of our expertise do a blog on the area.We have committed ourselves to blog at least once a week.Interview neighbors, restaurant owners,contractors,and post local events.. It is alot of fun and is something to do as an office and that the public can enjoy reading on their neighborhood. Here's an example: I live in Delaire Landing and am active in the condo board.Delaire Landing is located on the Delaware river in the Torresdale section in Philadelphia on State rd. Delaire Landing is a wonderful place to live! There is a diversified group of people.Our clubhouse is being renovated in the near future.There are ...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity February 11,2009 Philadelphia Active 8465 Pending 1403 Bucks County Active 3547 Pending 518 MontCo Active 4660 Pending 697 DelCo Active 3005 Pending 510 Call for commercial and multiuse activity reports.
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
I was recently confronted with a good question regarding closing costs.  Basically the question was... "How can I avoid paying them?" Pretty straight forward. Just the way I like it. If you do not have a lot of money to spend on closing costs or you do not want to put all of your money into your closing costs then there are options for you. No one can completely avoid closing costs but many sellers are saying YES when buyers ask if they will pay for some of the buyer's closing costs. That is, if your offer price is attractive enough. It is called Sellers Assist. (Please read this: Not everyone will qualify for the same amount of seller's assist. The example below is totally fictitious and may need to be altered to meet your loan's conditions. Ask your mortgage professional for advice.) ...
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By Hannah Williams, Expertise NE Philadelphia & Bucks 215-820-3376
(HomeStarr Realty)
Talking to my favorite client . He is single a first time home buyer and renting. He has been looking for a condo to buy off and on for about nine months now. We have had long discussions on the pros and cons of buying versus renting.  Perhaps I should explain more- he is not just a client but a long time friend.More like family than a friend in fact I concider him family. He is a huge source of referrals to me .He sends me at least 4 referrals a year if not more.  He always tells me his return on his investment of his money pays his rent of course i argue back.. and then i advice him to speak to his accountant.. Well this year the same type condos we looked at last year have dropped in price ; he is considering paying cashfor instead of taking out a mortgage.. he is not getting the sam...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity February 6,2009 Philadelphia Active 8454 Pending 1315 Bucks County Active 3505 Pending 466 MontCo Active 4606 Pending 664 DelCo Active 2982 Pending 463 Call for commercial and multiuse activity reports.
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By Stacey McCarthy, @SmartGirlsOwn
(McCarthy Real Estate)
Q: There is a home for sale on my block in Castor Gardens that says it's a "short sale," and my son would like to buy it. Does that mean it will be a fast settlement, and can my son offer less than the owner is asking? A: Selling a home through a "short sale" means that the homeowner owes more on his mortgage loan than the price he is realistically able to sell it today. Either the homeowner is behind on his mortgage payments or is facing a hardship and is trying to avoid foreclosure by selling the home. A successful sale of this property would be "shorting" the mortgage lender what is owed on the mortgage. Despite the name "short sale," it is normally not a short process... Read all here: Real NEastate: Short Sale in Castor Gardens « NEastPhilly.com  Stacey McCarthy is a real estate ag...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity February 4,2009 Philadelphia Active 8418 Pending 1265 Bucks County Active 3500 Pending 455 MontCo Active 4595 Pending 619 DelCo Active 2967 Pending 444 Call for commercial and multiuse activity reports.
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Why Philadelphia Homes Do Not Sell ?  Part 4 - PRICE This is Part 4 and the last part os our series of Why Philadelphia Homes Do not Sell.  For the prior 3 posts, plese see: 1.  Poor Advertising and Insufficent Marketing 2.  Stigma 3.  Difficulty Showing the Property We saved PRICE for last as it is the most obvious and the most important.  Yet, it is the one where both listing agents and sellers make mistakes on year after year.  Many times, an incorrectly priced property could be the result of an inexperienced agent improperly pricing the property or a seller having unrealistic expectations in terms of the value of his property.  Either way, this mistake in the last 2 to 3 years have caused sellers to lose a lot of money.  As the market has depreciated in most areas, the average sales...
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Index shows increase comparing November 2008 to December 2008 DEVON, PA - February 3, 2009 - The Greater Philadelphia region* saw an 8.6 percent increase in December real estate activity moving to an index of 73.2 from the November index of 67.4, according to the Prudential Fox & Roach, REALTORS® HomExpert Pending Home Sales Index©. December's increase in the region's activity follows a 21 percent increase in the November index, but is 18.3 percent lower than December 2007 when the index stood at 89.7. Compared to findings reported by the National Association of Realtors® (NAR) Pending Home Sales Index, real estate activity in the Greater Philadelphia region fared better than both the Northeast and the National indices. The NAR index showed a 1.7 percent decrease in pending sales in the...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity February 3,2009 Philadelphia Active 8388 Pending 1258 Bucks County Active 3502 Pending 444 MontCo Active 4584 Pending 615 DelCo Active 2958 Pending 437 Call for commercial and multiuse activity reports.
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
 Philadelphia Short Sale Success in Fishtown Last week we had another successful short sale in Fishtown.  It was a great feeling to help our seller client get out of a very difficult positon and be able to be instrumental in helping him move foward in his life.  At the same time, the buyers will be a great addition to the Fishtown community.  It is deals like this that make being a professional Realtor worthwhile ! The great thing about a successful short sale is that it becomes ONE LESS FORECLOSURE !  The seller's bank did play a little hardball but we were able to work out a resolution that benefited all the parties.  For Stephanie and I, we are still batting 100 percent with our short sale listings.  Which means for every Philadelphia short sale listing that we have taken, all have s...
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By Reid Rosenthal
(Prudential Fox and Roach REALTORS)
Center City Housing Prices Increased 2.1 Percent in 2008; 16.9 Percent Decrease in the Number of Residential Homes Sold   The Fairmount/Art Museum area posted the largest percent increase in median sale price in Center City, rising 7.6 percent   DEVON, PA – Center City median home prices increased 2.1 percent to $357,295 in 2008, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. The median sale price in 2007 was $350,000. In 2008, Center City saw 1,235 homes sold, a 16.9 percent decrease, compared to 1,487 homes sold in 2007. The average number of days a home remained on the market increased from 92 days in 2007 to 96 days in 2008.  Additionally, monthly average inventory for 2008 was 1,694 homes for sale compared to 1,891 in 2007. The Fairmount/Art Museum area (...
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By Reid Rosenthal
(Prudential Fox and Roach REALTORS)
Greater Philadelphia Housing Prices Decreased 2.6 Percent in 2008; 23.9 Percent Decrease in the Number of Residential Homes Sold   Philadelphia County in Pennsylvania posted the only percent increase in median sale price  in the tri-state region, rising 0.8 percent   DEVON, PA – Greater Philadelphia region* median home prices decreased 2.6 percent to $223,000 in 2008, according to Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. The median sale price in 2007 was $229,000. The region’s median sale price decreased 0.8 percent compared to 2006 when the median sale price stood at $224,900.   In 2008, the region saw 57,877 homes sold, a 23.9 percent decrease, compared to 76,084 homes sold in 2007. The region decreased 32.2 percent compared to 2006 when 85,302 homes sold.  The ave...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Super Bowl Sunday and Real Estate - How do they Relate ? The majority of the country is excited today with the big game happening in a few hours.  The whole season comes down to Arizona Cardinals vs Pittsburg Steelers.  Both teams have worked super hard from training camp to the regular season to the playoffs to the Super Bowl today. You may ask well... what the heck does this have to do with real estate ? Well, I say a lot ! I look at every Philadelphia real estate transaction that makes it to the settlement table its own Super Bowl of sorts.  In the end, there are many champions... the buyer, the seller, the buyers agent, the sellers agent and the mortgage professional !  In football, the teams prepare during spring training to get ready to face the regular season and then go through ...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Why Homes Do not Sell ?  Part 3 - DIFFICULTY SHOWING THE PROPERTY There are 4 main reasons Why Homes Do Not Sell .  This is part 3 of our series.  The first 2 reasons are:   Poor Advertising and Insufficent Marketing - Part 1   Stigma - Part 2 In regards to part 3 - difficulty showing the property, the concept is pretty simple:  People will not buy what they cannot see !   Further, agents might even skip showing the property once they realize the difficulty of getting in.  Some examples include: 1.  No key at the property. Example: Key at office (other side of town) or key was taken out of the lockbox.  Who is going to drive to the other side of town for this one showing and then bring the key back ? 2.  Listing agent must accompany Example:  This can be difficult logistically when you ...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity January 31,2009 Philadelphia Active 8430 Pending 1241 Bucks County Active 3502 Pending 429 MontCo Active 4581 Pending 589 DelCo Active 2952 Pending 424 Call for commercial and multiuse activity reports.
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Residential Real Estate Activity January 30,2009   Philadelphia Active 8486 Pending 1311 3rd Qtr Average Price $182,100 DOM 65 Bucks County Active 3495 Pending 474 3rd Qtr Average Price $359,300 DOM 68 MontCo Active 4590 Pending 637 3rd Qtr Average Price $346,500 DOM 66 DelCo Active 2981 Pending 448  3rd Qtr Average Price $284,600 DOM 64 Call for commercial and multiuse activity reports.
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