Q: How is the real estate market in Northeast Philadelphia? It is a good time to sell or buy?

A: It is good news for qualified buyers and homeowners looking to upsize.

The now-expired Homebuyer Tax Credit definitely boosted sales in the spring. It helped to sell many of the homes on the market, and home values and sales were looking up. However, the number of homes coming onto the market is increasing faster than homes are being sold. Now that the Tax Credit expired, the only thing enticing the small pool of buyers, who still have their credit intact in this economy and can actually get a mortgage, is the fantastically low interest rates.

The situation in the Northeast and the rest of Philadelphia is the increasing number of foreclosures bringing market values down lower. This is keeping us in a buyers market, which means this is a good time to buy practically everywhere, especially because interest rates are incredibly low. There is definitely more buying power right now.

Since the beginning of the year, the average sold price in Northeast Philadelphia is $169,000 — compared to an average listed price of $179,000. The bad news for sellers is there is currently a six-month accumulation of inventory in the Northeast, up from four-month supply earlier this year, which decreases the odds of selling your home quickly and for a higher price. The good news is the home you want to upsize to is also selling for less, making a winning proposition for an upsizing homeowner.

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.