U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Philadelphia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-17-2007, 11:47 AM
 
10 posts, read 7,843 times
Reputation: 11

Advertisements

I'm amazed at the number of MLS closings/sales all over the North/South East coast in November especially in Phoenixville/Collegeville. I would like to hear from Agents. Why now ? Are Sellers giving into "Lowballers"(Buyers) ? Is the Real Estate market making a "comeback" ? Are Buyers finally giving in to the stagnant home inventory on the market ? I always thought Real Estate sales were slow this time of year. Should Sellers start pricing their homes a bit higher now ? Thanks for your input.
Reply With Quote Quick reply to this message

 
Old 11-19-2007, 09:46 AM
 
20,327 posts, read 18,325,880 times
Reputation: 11284
In Berks, hew home sales are down more than 50% over last year although prices are up slightly. From what I gather that's better than most eastern pa counties.
Good houses will still sell and people who can actually afford them will still buy them. High gas prices will make commuting less attractive, as will having to light and heat large homes. All in all, for open space supporters, times are looking pretty good. No more losing farms and woodlands for mcmansions.
Reply With Quote Quick reply to this message
 
Old 11-19-2007, 12:00 PM
 
Location: Richmond, VA
2,306 posts, read 1,503,295 times
Reputation: 962
We are selling a home in East Coventry-a few miles down 422 from Phoenixville and we have seen a surge in showings for our home over the past month. Personally, I think those who were waiting to see how low the price would go AND want in before the holidays are now on the move and bidding on homes. Also, I think people have waited for the prices to come lower and now that they have they want to take advantage in case they go back up. Not every market will continue to decrease. I think areas like Phoenixville and Collegeville offer a lot in not a long commute AND are a bit rural, more relaxed.
Reply With Quote Quick reply to this message
 
Old 11-22-2007, 03:54 AM
 
Location: Chester County
3 posts, read 7,988 times
Reputation: 10
I probably would not call it low balling. We all know that a home is only worth what a qualified buyer is willing to pay for a house. In every area/city or township their is what we call a Market Absorption rating. For those of you that don't know what that is , you take the number of homes that sold with in the last 12 months divide by 12 and get a number, then take the number of active listing and divide by the previous number. I am sure what you have seen is probabaly those ratings start to kick in before the holidays as this time of year starts to slow down. As for a comeback, i dont believe the market is bad but i don't think it's great either. Rates are still hovering around 7%, the bad news for buyers is pretty much have to have great credit and you must have down money.
Reply With Quote Quick reply to this message
 
Old 11-23-2007, 07:46 PM
 
45 posts, read 191,792 times
Reputation: 19
It's strange in my immediate area (Broomall, Delaware County) I've seen a few houses actually go up for sale and for much more then what I have it listed at (I've lowered it a number of times). With this new agent I've been getting at least 2 showings a week with the last 3 week no showings. Out of the blue today I got a showing so I was thinking maybe because it's a long weekend and people are off. I didn't think I would get any action around this time of the year. I think I may just keep it up through the holidays instead of taking it off and then putting it back on.

I think the market it slow but not bad in our area. The more homes to choose from is what's killing everyone. Buyers are going at snail pace.
Reply With Quote Quick reply to this message
 
Old 11-24-2007, 01:32 PM
 
51 posts, read 196,096 times
Reputation: 32
I've been rather shocked how well the local market has been doing.
I have a rather cutesy house and for some reason appraisers love to stop by and take pics for their comps.
Seen 3 different appraisers pop out with their cameras over last week.
One of them said everything is hopping for him and no slow down in biz.
Cool.
Reply With Quote Quick reply to this message
 
Old 11-25-2007, 09:02 PM
 
Location: Metropolis
1,548 posts, read 3,477,836 times
Reputation: 973
Market is still correcting. Everywhere except Manhattan.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Philadelphia
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top