What does the market look like so far this year in my neighborhood? I live in 19111, Fox Chase. I am thinking of downsizing from my fair-sized single to a twin in the same neighborhood so I can still live here, but eliminate my mortgage payment. I want to buy a cheap twin and sell my single for the most money possible. Can you give me the low-down?
Fox Chase is a neighborhood with a variety of housing options. There are singles, twins, duplexes, and apartments. I can report there are 47 houses currently for sale in Fox Chase – all singles and twins – ranging from $75,000 to $300,000, with the average sale price of $199,895.
Over the past four months, 35 properties have been sold in Fox Chase and there are another 15 pending settlement. Of those 50 properties, 20 of them were single homes. The average price of the single homes sold price was $205,642 with a high of $287,000 and a low of $115,000. Your sale price will depend on the size, location and condition of your property.
Out of the 30 twin homes, seven are pending and 23 were sold at an average price of $159,919 with the high at $210,000; the low was a HUD home at $100,000. The next-lowest was a short sale at $133,000.
Hopefully your single home will be able to sell for a high price and you can transition to a twin with the least amount of money out of your pocket. The cheapest twin currently for sale is asking $145,000, but there are three singles for sale that are asking for less, so don’t limit your search to just the twins.
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.