Real NEastate: Northeast buyers’ market
By Stacey McCarthy
Q: Is the market getting better or worse in Northeast Philadelphia? My home has been on the market for several months in a great location in Somerton, and I haven’t even had one person express interest. It’s a really nice house, so why isn’t it selling?
A: It’s no secret it’s a buyers’ market in Northeast Philadelphia. It will pick up in the spring because it is historically a good time of year for the housing market in the area. But that’s no guarantee your home will get sold soon.
While the Northeast is faring much better in overall sales compared to Philadelphia on the whole, there is still currently a 11-month supply of homes on the market in Northeast Philly, up from the beginning of the year. A six months’ supply is considered a balanced market. More than six months is considered a buyers’ market.
This means if absolutely no more homes come on the market, we would expect to take another 11 months to sell all the homes currently for sale. But you know there will be more people selling. Until consumer confidence picks up, it’s a buyers’ market. If your home hasn’t sold, there are three things you should evaluate.
It’s really not about location, location, location in this market; it’s location, condition and price. You might be in the very best location in the Somerton, but if your home is outdated or your price is too high, your house will not sell – it will sit. You don’t control the market; the buyers do. If you don’t price aggressively in this market, expect to sit.
If your home is in a good location and in good condition, then I would take a long, hard look at my asking price if I were you. Ask your agent for a list of recently sold comparables in your neighborhood to see how you measure up. If your ultimate goal is to move soon, then price your home competitively in front of the market.
NOTE: Last week’s questioner from Castor Gardens was able to finally get the default buyer to agree to split the deposit and his broker will be releasing the deposit from escrow.
Stacey McCarthy is a real estate agent with the McCarty Group of Keller Williams Real Esate. Her Real NEastate column will appear on NEastPhilly.com every Wednesday.
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