We Buy Houses Philadelphia

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Comparing House Prices in a Neighborhood

So you found a house that you like.  But before you make an offer you need to figure out if the house is expensive or discounted when comparing to other recently sold homes in the neighborhood.  Talk to a real estate professional and they can provide you data on what homes sold for in your area.

 Never buy the biggest and most expensive house in the neighborhood.

You want to buy the cheapest house on the block.  For example, homes in your South Philly neighborhood are selling on average around $200,000. The house you want to buy is listed for $150,000 but needs $30,000 in cosmetic improvements.  Then this house is a bargain.

The least expensive house in an area can be a great investment, depending on why it is under priced.  Some acceptable repairs are:

  • Ugly duckling – Needs a paint job, landscaping, new carpet, etc
  • House is smaller than others but big enough for your needs or has the land or zoning ability to expand.
  • Kitchen needs new counter-tops, cabinets, and appliances
  • Bathroom needs modern fixtures

Some Unacceptable repairs are:

  • Floods whenever it rains.
  • Unusual/bizarre exterior.
  • Cracked or sinking foundation.
  • Major termite or mold infestation

January 13, 2011 - Posted by | Uncategorized | , , , , ,

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