Realistically priced homes in Philadelphia selling well

By Mark Abromaitis
THE ERICKSON TRIBUNE

For anyone worried that the bottom has fallen out of the real estate market, Maureen Hughes of Keller Williams Real Estate has comforting advice.

Yes, she says, there’s a larger inventory of homes for sale than ever before. “It’s not been a better time to buy a house. But if you’re selling, and if you price it right, it will move,” she says.

“Philadelphia is not a weak market; it’s a consistent market,” Hughes adds.

Few real estate agents know the Philadelphia market better than Hughes, who has been a licensed Realtor for more than 18 years. She has such a good track record that 72% of her clients are repeat or referral business.

Market status
“Right now the supply exceeds the demand, but if it’s priced right, you’ll sell,” she says. Hughes says that to accurately determine the price of a home, a seller should check other sales of comparable houses in the same area over the past six months. “Only look at the prices in the past few months because that’s what the home appraisers do,”

Hughes explains. She says setting the price realistically is critical because “if the home is listed too high, buyers won’t be able to get a mortgage for the home.”

Getting ready to sell
“As a seller, talk to a professional a few months before you’re ready,” Hughes says. “Find out how you can make your home most appealing and ready to sell. Then check back in with them once you’re ready.”

Hughes says that small improvements like exposing hardwood floors below old carpet or putting a fresh coat of paint on the walls can pay huge dividends in the long run. “A little elbow grease goes a long way,” she says.

Hughes says that once you list your home you can expect a bit longer of a wait, but not much. She says right now houses are staying on the market for approximately 90 days, up a bit from the recent average of 75 days.