Q: I own a beautiful single home in Castor Gardens that’s for sale in the low $200,000’s. I’ve been listed for several months and have had two price reductions. I got one offer that was downright insulting so I turned it down, of course. My home is perfect and worth more but am I priced too high for the neighborhood?
A: Location, location, location. Yes, we’ve all heard the first three rules of value in real estate and we need to take that into consideration every time we price every home. There are fewer single homes, compared to the sea of twins and row homes, but it is typically a little harder to sell a single home in Northeast Philadelphia, depending on the location.
Just three singles have been bought in Castor Gardens in the 29 pending and 58 homes sold since the beginning of the year. With rows and twins priced between $70,000 and $140,000 and an average sold price of $107,900, you are looking for a unique buyer house hunting in Castor Gardens that can pay more than $200,000. So maybe it will take more time to find that buyer.
But if you’re not willing to wait for that buyer to come along, that is if they even do, then maybe you’re overpriced for the area. Your home is only worth what a buyer is willing to pay for it. Your home may be perfect by your standards, but your objective is to find the buyer that thinks it’s perfect and is willing to pay what you’ve valued it.
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.