Q: My house is up for sale in Millbrook. It’s been several months with many appointments but no bites. I know you tell everybody about offering the right price all the time, but I think it’s priced right at $170,000. It’s a really nice house but it is across the street from duplexes so I thought I was doing the right thing by pricing low. Should I hang in there or just rent it out? I’m not sure about being a landlord, either.
A: It’s smart that you’ve taken into account that there are some things about the location of your home that may not be as desirable as others in your market. That said, it’s still hard to predict when the right buyer will come along. Who knows? Maybe the price, location or condition is even less desirable than you thought. Or maybe there will be an offer next week. You obviously don’t have a crystal ball.
Give it either some more time or a price reduction if you want to sell. You should definitely also research all that is involved in being a landlord. If you don’t have the temperament for dealing with all the responsibilities that come with being a landlord, you could consider hiring a property manager to deal with it.
The good news is that it sounds like your home really is competitively priced for the area, since the average price of sold homes is $189,000. The lowest a home has sold for is a distressed property at $125,000. The bad news is there are 67 other active listings in the 19154 zip code. That means plenty of choices for homebuyers.
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.