Are there still home buyers out there in Philadelphia? (Penn: for sale, real estate market)

[Margel]

I know with the real estate market in a slump right now there are more renters out there. However, I just read that because of this, rents are going through the roof, sometimes surpassing mortgage payments. My house, in a beautiful neighborhood in Northeast Philadelphia, with great neighbors, and close to everything has not sold. I am priced below my competition because I am moving this June. I get favorable feedback, but realtors say the buyer isn't ready to commit (or words to that effect). I don't want to rent out my house. Are there still buyers out there who want to build up their own equity and pay their own mortgages rather than someone else's?

[orrmobl]

With the market instability and the sunk closing costs, not to mention difficulty obtaining a mortgage and the economy in the toilet, you need to drop your price appropriately to sell or keep waiting and hoping for the right buyer, but that is a big risk as old listings become tainted.

If you've been on the market 2 months, drop asking by 10% and see what happens. We recently sold a property in Pennsauken in less than a week and had multiple offers that drove the price to $3k over asking...that's what you want to do Just steel yourself to find out what your house is worth these days...

[Pat_in_Pa]

am priced below my competition

Do you realize that in a declining price environment, you'll need to price your home less than the most recent comps...NOT less than other homes for sale?

If you can get a bidding war going by really underpricing your house, you might sell it at a price that you can accept.

[Margel]

Yep, did that too. All of the comps are much higher than what mine is on the market for. My problem is the showings are trickling in.....like maybe one a week and there is so much competition out there.

[orrmobl]

Lower your price another 5%. The reality is that fewer people these days will be qualifying for mortgages so the lower your price, the more likely you will find someone who will qualify...

[Tenzo]

Originally Posted by Margel

Yep, did that too. All of the comps are much higher than what mine is on the market for. My problem is the showings are trickling in.....like maybe one a week and there is so much competition out there.

We are averaging about 5 showings a week. Which was rather surprising considering what we have heard for the price point we are at.
We are asking $749,900 and getting quite a lot of activity. I don't know if its the market or not much competition at that price point.
We have a second and fourth showing Sunday.

Here is a picture, if you are curious 2729-33 Parrish St

[Hobokenkitchen]

Originally Posted by Tenzo

We are averaging about 5 showings a week. Which was rather surprising considering what we have heard for the price point we are at.
We are asking $749,900 and getting quite a lot of activity. I don't know if its the market or not much competition at that price point.
We have a second and fourth showing Sunday.

Here is a picture, if you are curious 2729-33 Parrish St

Great kitchen Tenzo!!

[Tenzo]

Thanks, now if I could only find a place in Columbus with a good kitchen.
They seem to like electric there.

Gas to electric
Is like Indoor plumbing to an outhouse

[Hobokenkitchen]

Originally Posted by Tenzo

.

Gas to electric
Is like Indoor plumbing to an outhouse

Lol. We went from a 48 inch Wolf range to a 30 inch electric stove in our rental here. It's been an adjustment!

[Tenzo]

Originally Posted by Hobokenkitchen

Lol. We went from a 48 inch Wolf range to a 30 inch electric stove in our rental here. It's been an adjustment!

Do you eat out a lot?