Real NEastate: Worried about future of Somerton 6
Q: I have just moved to Somerton, and with the recent crimes in the Far Northeast I am starting to wonder if I’ve made a bad decision. I worry about the future value of my home. Can you reassure me?
A: No. People in all different neighborhoods, in different cities and towns all over the country, worry about how local crime will affect them. And unfortunately crime does affect home values. Why wouldn’t it?
The latest deals are mostly due to the current economic and job situation in the area. Homes are selling very slowly in Somerton right now. There is nine months worth of inventory, which indicates it’s still very much a buyer’s market, which generally induces lower home prices.
If you’ve moved into Somerton recently, then you’ve probably benefited from the drop in home values by paying at least 3 percent less for the home you now live in, at a much lower interest rate, than it would have cost in 2005.
The truth is, if you plan on staying in the Far Northeast for the long haul, values will likely rise and fall repeatedly over the decades and the reasons will vary. Will crime be one reason? Who knows? As far as the future goes, the only thing I can absolutely assure you of is that no one can predict it.
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.
You think crime is a problem in Somerton or the Far NE in general?… It’s one of the nicest sections of the city
i just figured id let you know that im a real estate appraiser and i just appraised a home in somerton. i found that yes, the home values are dropping. considerably. even though it may be one of the “nicest” sections of the city, it still has its problems. somerton isnt as nice as everybody may think. i grew up there and i can tell you that its just as drug filled as kensington. only difference is people there have class and choose to hide their drug problems. as for crime, it may not be terrible but in the recent years ive seen incidents where entire blocks have gotten robbed in broad day light. on a major road. By moving into somerton without talking to residents first, you took a risk by coming into a neighborhood that is slowly but surely sinking.
Breanna…thanks for your uplifting point of veiw. If anything Somerton has become nicer over the past few years, probably because the price of homes are so high, even if they are dropping (like everywhere in this country). I’ve lived here from 1994-2004 and 2008-present so I believe I can make a pretty good judgement. When I had my house appraised they did not use a similar house in Kensington as a comparable. Hopefully your bias is not affecting your work.
I’m a little concerned by a real estate appraiser who can’t be bothered to push the key.
Shift key. It didn’t like my brackets.
This message is to Breanna….you’re definitely not a home appraiser…haha…what a joke…
for anyone who reads blogs that are like Breanna’s….whenever you read an “EXTREME” opinion like her’s, just remember that smart people are balanced in their viewpoint…
my opinion of somerton…
I grew up in suburban Cheltenham my whole life…and I’ve lived in Somerton for nearly two years now…there is NO WAY IT IS SINKING….in fact, I’m GLAD i bought into Somerton….it gets me far enough away from the more urbanized areas of northeast and saves me tax dollars for the time being…
From my experience, the house prices are directly related to the features of each individual home….if you have a nice kitchen and a new roof, it translates to higher price (with a ceiling of course)
For any young family who wants to get to a good conservative financial start…buy into somerton and overpay on the house…you can gain equity and save THOUSANDS on interest….then if you want, you can sell and move into an even better neighborhood….
negatives about somerton? it can have crime just like the “safest” neighborhoods….but the crime is few and far between, for now…..we’ll see what happens in the future….but if strong families continue to stay in somerton…then somerton will continue to be a good place to live…