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. continue reading »
Q: I am in the Navy and I’m looking to buy my first home. I missed the April 30 Tax Credit deadline, but I heard that military can still get it. Is this true?
A: Yes, many members of the military and certain other federal employees on official duty outside the U.S. have an extra year to qualify for the credit. Even your spouse can qualify, but there are a few other conditions. continue reading »
Q: Where can I find a nice three-bedroom home for sale for under $150,000 that doesn’t need any work in the Far Northeast? I have been looking and looking, but all I can find are fixer-uppers or condos. I want to be close to I-95 and very far up in the Northeast, but I can’t find anything, and all I am approved for is $150,000. Should I wait and see if the prices come down?
A: It is tough to find what you are looking for in those zip codes in that price range. There are some three-bedroom homes for sale under 150,000 but they all will need some work, whether it’s heavy duty or just paint and carpets. If you were looking for a nice two-bedroom condo, you’d have much to choose from. continue reading »
The real estate market held its own in Northeast Philadelphia last year as home prices and sales dipped in most neighborhoods, somewhat due to many foreclosures. But it looks like the market may be close to leveling off.
The average Northeast home listed for $173,000 in 2009 before selling at the average price of $161,500, dropping slightly from $166,400 in 2008. The number of sales also went down with just 3,073 homes sold compared to 3,161 in 2008. The average number of days on the market was 65 in 2009 — not much different than 64 in 2008.* continue reading »
