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 »

Q: My agent wants me to reduce the price of my home in Pennswood Park. It’s been on the market for eight months and I’ve had 11 buyers see it. I want $239,000 but he says that the market is “rejecting” that price. What is that supposed to mean? I want what I want.

A:  Nearly 15 percent to 25 percent of all listings do not sell. The market rejects them. Buyers did not accept the price, condition, location, or marketing effort, or a combination of these areas, or perhaps all four of them. continue reading »