Q: A few months ago I found a house in Somerton that I wanted to buy, but it was overpriced by about $20,000 and over my budget. I made an offer on the house for the price I thought I could afford and we sent comps with the offer. But I was turned down flat. I am still looking for a home, but I noticed the house I made the offer on is still for sale but at a lower price than I offered. I don’t want it now, but why didn’t they just take my offer? They would have made more than they’ll make now. It doesn’t make sense.

A: Unable to accept the fact that their home was overpriced, the sellers apparently needed the extra time on the market to see if it would sell at the price they wanted first before reducing to a more realistic price. They are probably kicking themselves now for turning down your offer. continue reading »

Q: I wanted to rent a house in Castor Gardens, but the owner turned me down flat because I have had a past eviction. I never got the chance to explain the eviction, but it was not my fault. How can I find a rental that won’t care about the eviction?

A: In this economy and housing atmosphere, rentals are in high demand these days so landlords can afford to be picky about their tenants. Job stability is a concern. A low credit score may be a problem. And any past evictions will definitely be a deterrent in finding a rental. continue reading »

Q: If I want to sell my home in Holmesburg, how much do you think I can get for it now? It is a three-bedroom and one-bathroom row. It is in good condition, but needs some updating. I was thinking about replacing the rugs, but have little money to do much else. Thanks for any info you can give me.

A: Holmesburg is known for its nice mix of singles, twins and row homes. Of the 11 homes sold in the last four months, eight of those were row homes. Of the 10 sales currently pending, half are row homes. continue reading »

Q: For several years, I’ve been seeing the prices of homes in the Northeast going down. Last year was supposedly the “best time to buy.” But this year it seems like prices are even lower. When and how will I know when is the right time to buy a home for sure? I don’t want to buy this year if prices will be lower next year.

A: No one can predict the real estate market. Prices may be lower next year. And last year was the best time to buy, until this year. A home’s price isn’t everything you need to consider, however, when making the important decision to buy or not to buy. continue reading »

Q: I just signed an agreement for my home in Millbrook. It is a short sale now. Will it go to settlement? I am so worried I will end up in foreclosure. I don’t know what to do.  

A: Prepare yourself for a long road ahead between signing this agreement and going to settlement, if it happens. Your mortgage lender will need to give you approval to sell your home since you will not be paying back the entire loan. Lenders are not quick to agree many times and this could take a while.   continue reading »

Home sellers in the Northeast have yet to experience a turn-around in the housing market. Foreclosures and distressed property sales (short sales) are the hardest problem to overcome in terms of sold price and days on the market. These sales definitely brought the sale price down in our neighborhoods and the average days on the market up last year.

2011 Residential Statistics in the 19111, 19114, 19115, 19116, 19149, 19152, and 19154 zip codes combined: continue reading »

Q: The year started off with an offer on my home in West Mayfair after 295 days on the market. I was very excited to finally feel like things were going to start rolling, but the buyer is having a problem with the mortgage. The mortgage company said is will need to postpone settlement until May because of an issue with the buyer’s pay raise – it wants to see a full year of pay stubs at his current wages. Ugh! Do you think I should wait it out or put it back on the market? I thought I’d be out of here by now.

A: If you decide to put your home back up for sale, your dilemma is finding another buyer. There is no guarantee that, even if you do put it right back on the market, you’ll find another buyer soon and that buyer will want to settle before May. continue reading »

Real NEastate’s Stacey McCarthy has the week off. Today, enjoy a column of hers from this time last year. If we can’t escape this winter without snow, at least make sure you’re prepared.

Q: I am buying a home in Castor Gardens that has a flat roof. My home inspection took place this weekend and my home inspector said because of the snow he could not give me any input on the roof. I have two days left to decide if I even want the house or want the seller to make repairs. And they are calling for more snow! What should I do?

A: Undoubtedly, Philadelphia row homes with flat roofs can collect as many inches of snow on their roof as the ground does during snow storms. Sellers and home inspectors can’t be expected to shovel the roof before an inspection elected by a homebuyer. But I don’t recommend a homebuyer up there shoveling either.

Homebuyers deserve to know everything there is to know about a house before purchasing it, especially if there is a problem that is going to cost them money. If your inspector was not able to draw a conclusion about the roof, don’t just accept it and buy the home not knowing what’s up with the roof. continue reading »

Stacey McCarthy is off this week, so we’re taking a look back at her column that ran one year ago today.

Q: I am the landlord of a duplex in the Far Northeast. I have a tenant moving out who only paid $500 a month in rent for the last nine years. I want to raise the rent for the next tenant but I am not sure how much to charge. What’s fair rent these days for two bedroom apartments?

A: How much you’ll be able to fetch for rent depends on size, condition and how many bedrooms and bathrooms. Location will also play a big role in how much tenants are willing to pay for a duplex. Rents vary throughout the Northeast and even across the Far Northeast. continue reading »

Q: The interest rate on the mortgage on my home is 5.9 percent. I was thinking of moving this year, but I would like to see if I can refi first. My credit has been better, but I am working on it. I would like to have a lower payment so I can bank the extra.

A: Mortgage rates are incredibly low. Much lower than your rate. If you’re thinking about refinancing, I can assure you this is the best time to go for it.  continue reading »