Q: How much would I get if I wanted to sell my home in Castor Gardens? I live in a twin with three bedrooms. I bought it in 2007 for $165,000, and I probably need to get $175,000 to be able to move.
A: It all depends on the exact location and condition of your home. The lowest price home sold in June was a fixer-upper for $95,000 cash on McKinley Street. Unless your home is in poor shape, you may be able to get more than that. Based on a comparison of the 10 three-bedroom twin homes recently sold over the last 3 months in Castor Gardens, the median price is between $135,000 and $140,000. continue reading »
Q: I want to buy a home in the Northeast near the train. I’ve narrowed it down to two neighborhoods before I start looking. Can you tell me which the better choice is: Fox Chase or East Torresdale?
A: Sorry, but only you can make that determination. Both neighborhoods have their pros and cons. I’m sure residents of Fox Chase and East Torresdale would choose their neighborhood over the other. But there are a couple ways for you to compare and weigh your options. continue reading »
Q: My home is for sale in Wissinoming, and a comment a buyer recently made was that my property had no curb appeal. My front “yard” is only two feet long. What kind of curb appeal is really possible to do for the front of my home besides cut the patch of grass?
A: Pretend you’re a buyer and stand outside of your home with a critical eye. Think to yourself, “Would I be proud to call this my new home, without even walking in the door?” Although two feet of front lawn is very small, there are thousands of properties in Philadelphia that have even less than you and manage to add curb appeal simply with shutters and window boxes.
Here are 10 tips for curb appeal in Northeast Philly: continue reading »
Q: My wife and I put a very good offer on a house in West Mayfair, but the seller turned it down because we are using an FHA loan. We don’t have enough money saved to switch to a conventional loan. What does mortgage financing matter if we are paying what the seller wants?
A: Federal Housing Administration loans are good for buyers who don’t have much cash because they require a down payment of only 3.5 percent of the purchase price. Also, the interest rates on FHA loans are almost as low as certain conventional loans. But an FHA buyer comes with some strings attached for a seller in the form of an FHA appraisal. continue reading »
Q: My home in Castor Gardens is under agreement — finally — after five months. A home inspector has looked over the property with the buyers and now has a long list of items they would like repaired. Some of it I can understand, such as safety or electrical issues. But some of it, like a slow draining bathtub, just seems petty to me. It is not like they’re paying a million dollars. It’s a $100,000 house. Should I get it all fixed or just find new buyers?
A: Finding new buyers is easier said than done. Nevertheless you have a few of choices here. You can choose the way you would like to handle it, but you can’t predict your buyers’ reaction to your choice, so choose carefully. continue reading »
Real NEastate columnist Stacey McCarthy is on vacation this week. She’ll return next week with more practical real estate advice for Northeast residents.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.
May19
Q: I would like to buy a good duplex in the Far Northeast. I plan on living on one floor, and renting out the other to cover half my mortgage. How much will I have to spend to find something?
A: With almost 50 duplexes for sale in the Far Northeast, there is plenty of inventory to choose from. However, since you want to live there and use the rent from a tenant to help you pay your mortgage, your two hurdles will be: 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: I am looking for a three- or four-bedroom home in Somerton with a large yard. My agent has shown me a couple houses that fit what I want, but they are way out of my price range. I am approved for $180,000, and do not want a fixer-upper. I personally know of a couple homes in Somerton that have sold for less. Should I hold out and keep looking in Somerton or just settle for Bustleton?
A: To be honest, I don’t think you’ll fare much better in Bustleton, either. These are both areas of the Northeast where the average price for a home is close to $250,000. If you have your sights set on these areas, it will be very difficult for you to find what you are looking for. continue reading »
Q: My condo has been for sale for more than six months in Delaire Landing. My agent originally said he could sell it at the price I set, and now he is saying the reason it is not selling is because it is overpriced. I am starting to think he lied to me in the first place, because another agent I interviewed said he couldn’t go this high. But I gave this guy my listing because he said he could. Now he’s changed his tune. Should I reduce the price or make him earn his money?
A: Maybe your agent told you he could get more for your listing because he really thought he could. Or maybe he did lie just to get your business. It’s not like that doesn’t happen. Whatever the reason, it really doesn’t matter now, because I am assuming you still want to sell it. You and your agent are both taking the same gamble it will sell at a price that, now, two agents are telling you cannot happen. continue reading »
