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.
Without knowing the address of your home, I checked the Multiple Listing Service for all row homes labeled as Holmesburg in Trend to see at what price range they are selling. The average price of just the row homes sold in the last four months is around $108,000. The median sale price to original price ration was 87.47 percent.
The lowest price sold in the last four months in the neighborhood was a foreclosure for $51,500. The highest priced home sold was $159,900 with $9,100 seller assist, but that home was completely remodeled and since your home needs updating, I probably wouldn’t use it as a comparable. The next highest home sold for $122,000 with $4,500 seller assist. In fact, the homes sold for more than $100,000 were all given seller assist.
Seller assist is an element of a mortgage loan that allows the buyer to pay for the home and then allow the seller to pay for a portion of the closing costs so the buyer can get in the home with less money at settlement. When calculating your bottom line, you should factor that in as well.
You should get a free Comparative Market Analysis from your real estate agent to see how your home stacks up compared to the others. Then you’ll be able to get a better picture of what you can get for it, with or without new rugs.
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.