Real NEastate writer Stacey McCarthy is on vacation this week, so we’re running her column that appeared on this date last year. She’ll be back next week with all new real estate advice.

Q: I am trying to refinance my Somerton split-level home, and the bank appraised my home for much lower than I think it is worth. They are telling me it’s only worth $260,000, when I know for a fact there are houses like mine in the neighborhood selling for way higher. What exactly is the market value of my house?

A: The current average sold price for Somerton split-levels over the last four months is $265,000. That may seem shocking since there are homes, like yours, that are for sale for more than $300,000. In fact, the average “for-sale” price for a Somerton split-level is about $320,000 right now. 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 »