Real NEastate writer Stacey McCarthy is on vacation this week, so we’re running her best-read column. (OK, second best. Her most-read is about snow-shoveling, which doesn’t really apply this time of year). She’ll return next week with a fresh post.
Q: My mother-in-law recently passed away and my husband has to sell her house in East Torresdale. She was a hoarder, and it will be costly to remove her things. Because of the hoarding, the house is a disaster and might need to be gutted and redone, which will be even more costly. Should we just sell as-is or spend our time and money fixing it up?
continue reading »
Q: My house is currently for sale in Torresdale. Will the new city tax increase for the public schools dissuade buyers from looking for a home in Philadelphia and make it harder for me to sell my house?
A: There are people making an argument that the tax increase will hurt home sales. Another argument is it could drive prices down. But it will probably be hard to tell with the high amount of homes for sale in this market right now and the spring homebuyer market ending. continue reading »
Q: My mother-in-law recently passed away and my husband has to sell her house in East Torresdale. She was a hoarder, and it will be costly to remove her things. Because of the hoarding, the house is a disaster and might need to be gutted and redone, which will be even more costly. Should we just sell as-is or spend our time and money fixing it up?
A: If you and your husband are financially able to do anything before selling this home, at least attempt a clean-out. Only then can you make an assessment of the damage, if any, and updating that’s necessary. continue reading »
Q: I recently made two offers on two separate houses, and both times the sellers ended up wanting more than what they were even asking. In the first case, the seller apparently made improvements to the property after she listed it and when she finally got my full price offer, declined and raised the price. And in the second case the seller said OK to the amount I offered verbally through my agent, but when it came time to sign, he changed his mind and wanted more. Is this normal? And will I ever find someone to sell me their house?
A: From my experience, that is truly unusual and borderline ridiculous. There obviously are some sellers that have forgotten right now it is still a buyer’s market in Philadelphia, and it looks like you’ve stumbled upon two of them, which is unfortunate.
Here are a couple lessons from this for would-be sellers: continue reading »
Q: I live in Sandyford Park and I need to sell my house, but my neighbor’s house is up for sale. I don’t want to wait, because my job is moving to Delaware and I don’t want to commute. But my husband is worried about two sides of the same twin being for sale. Should I wait until he sells his house to sell mine?
A: I can understand your hesitation to have two “For Sale” signs side-by-side. Your husband’s reluctance is not entirely unfounded. Buyers might question why both neighbors are moving out at the same time. continue reading »
Q: My home has been for sale in Rhawnhurst too long. I wanted to move before the kids started school, so I put it up for sale at the beginning of the year. No bites. I really want to move! How can I help it to sell faster?
A: Currently, there are 1,640 homes for sale in Northeast Philadelphia. Not counting the almost 350 pending sales, that’s still more homes on the market than have sold in the past six months. Even if zero homes went up for sale for the rest of the year, it would take more than six months to sell out the current inventory. Yours is one of them. continue reading »
Q: I lost my job and can no longer afford my home in Wissinoming. I don’t have any money to bring to settlement, so selling it for less would be problematic. My agent listed my house for sale in January for $94,900, because I owe $83,000 and I needed to make sure the sale covers my closing costs. No one is even coming to see it. My agent tells me the average sale price for the same house in my neighborhood is about $78,000. Can I try for a short sale?
A: Short sales are not easy, and, despite their name, they are anything but short in process. There have been many homes that didn’t make it through the short sale process and have ended up in foreclosure. Contact the Loss Mitigation department of your mortgage company to find out what documentation is required to apply for a short sale. Usually you will need the following items, among others: continue reading »
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 under contract to buy a single home in Fox Chase. My mortgage lender had an appraisal done and they required a couple repairs. The seller refuses to do the repairs, and wants to back out of the agreement unless I do the repairs myself before settlement. I don’t want to. I realize I will be eating my home inspection fee, but will I at least get my deposit back?
A: The seller does not have to automatically agree to do any repairs, even lender or casualty insurance required repairs. It sounds like you are using an FHA loan, because usually it is an FHA appraiser who will ask for repairs to be completed by the property seller.
continue reading »
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 »
