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Philadelphia Real Estate during 2009

Now that 2009 has passed, let’s take a look at how Philadelphia Real Estate preformed. According to Trulia.com, a website that tracks real estate trends in markets nationwide, the median sales price of 3 bedroom Philadelphia real estate is up. 

From the below graphs, you can see how median sales prices and numbers of sales increased the 2nd half of 2009. With so many houses on the market and not enough buyers how did the median sales price increase (that goes against econ 101)?

My opinion is that (1) people saw the $8,000 tax credit as money they did not have to come up with in order to buy a house and (2) people that qualified for a loan did at historical low interest rates. With low interest rates and an extra $8,000 from Uncle Sam, buyers looked around and found the very best property they could buy for their money. What did they choose? They chose the very best properties on the market. The houses with updated kitchens, bathrooms, new floors and paint. They chose the row house in a little bit nicer area than where they lived. 

The good news for home sellers is that if your house is in great shape (new kitchen, bathroom, a finished basement, refinished hardwood floors, and other WOW factors) then your house will sell now for more than it would have in 2008. And if you don’t have the updated house you will have a tough time selling.

So if you are thinking to sell your house, you should sell now if your house is perfect, since historical low interest rates and the $8,000 tax credit will not last much longer. If not, take what you can get. The Philadelphia Real Estate market is better than other areas of the country but we have a long way to go before the housing market recovers.

If you would like a free, no obligation offer on your house (whether it’s in excellent condition or needs work) give my company a call at 1-877-SOLD-215 or check out our website for more information.

Philadelphia median sales prices
Philadelphia Recently Sold Homes
Number of sold homes in Philadelphia
Philadelphia Recently Sold Homes
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February 4, 2010 - Posted by | Uncategorized | , , ,

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