Q: I am planning on knocking down part of my back wall and adding a $20,000 half bath addition to my Lawncrest home. If I have one-and-a-half bathrooms currently, how much can I expect to gain in value from adding this extra bathroom?
A: A “half bath” in Philadelphia area real estate terms is a bathroom with a sink and toilet but no shower or tub. And since selling real estate is all about location, priceand condition then it is to be expected that an additional bathroom would contribute to the condition and desirability of the home. But would it, in fact, even bring you the value you’re spending at sale? continue reading »
Q: I own a beautiful single home in Castor Gardens that’s for sale in the low $200,000′s. I’ve been listed for several months and have had two price reductions. I got one offer that was downright insulting so I turned it down, of course. My home is perfect and worth more but am I priced too high for the neighborhood?
A: Location, location, location. Yes, we’ve all heard the first three rules of value in real estate and we need to take that into consideration every time we price every home. There are fewer single homes, compared to the sea of twins and row homes, but it is typically a little harder to sell a single home in Northeast Philadelphia, depending on the location. continue reading »
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? continue reading »
Q: I live in the Northeast, but hope to move in the spring. I have neighbors who said their mortgage is higher than their home is worth. This week they decided to simply move out and let their mortgage company take it. I now have a vacant home on my block. What will happen now?
A: Your neighbors have elected to default on their mortgage and leave in their wake lower home values in your neighborhood. The fact is, no matter what the defaulting homeowners’ excuse, foreclosures decrease nearby home values. continue reading »
Q: So they’re finally planning on tearing down Liddonfield Homes. Do you think the home values will really improve in Upper Holmesburg?
Last year, the average sold price on the closest blocks adjacent to Megargee Street and Tolbut Street was $127,000, more than 5 percent lower than the rest of the 19136 zip code. This is a good example to show that all real estate is local. Very local. continue reading »
Q: I am planning on selling my three-bedroom, one-bath home in Holmesburg next year, and I am thinking of either putting in a new kitchen or adding a powder room. Which will bring me more value?
A: Unless your kitchen is a total nightmare, adding the extra bathroom is probably the way to go. If you can spruce up the kitchen with some paint and hardware, then your best bet to add value would be adding the powder room. continue reading »