Real NEastate: Need cash in Castor Gardens
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.
Although it looks like the home that sold for the most money in the last 3 months was a $160,000 completely rehabbed home on Hale Street, there was a $7,000 seller concession to the buyer on that property, making the highest home sold for $157,000 on Friendship Street.
If you need to get $175,000 for your home, you may have to put your plans to move on hold. Have a realtor, or two, do a comparative market analysis for you. You can get it done for free and then at least you know how your home stacks up against the others and if it is feasible to sell at this time. Ask them to run estimated closing costs for you, as well, so you know your “break-even” number.
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.
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