True Real Estate Stories of 2017
1) In Chestnut Hill, a 3 bedroom ranch in superb condition on a well-landscaped half acre attracted 3 offers within 48 hours and sold over the asking price;
2) In cosmopolitan Germantown, a 2 ½ story semi-detached home on a one-way quiet road garnered 4 offers within 24 hours. The winning buyer had strong financing and dropped all inspection contingencies to come in first—and over the asking price;
3) In Mount Airy, a beautifully maintained detached Victorian farmhouse with huge lot and separate 2-car garage won the praise of every realtor who saw it and, more importantly, won the asking price within a week for its lucky seller;
4) A buyer who had been hunting without end for the “right” property, and who had seen multiple bids all around her during her search, arranged to have a home inspector accompany her to see a new listing that met her requirements. That way her offer, without a mortgage contingency, was also without any inspection contingency, and it won the seller’s heart;
5) A couple lost out on 3 homes in the Havertown area before realizing that the competition did not allow them to make offers below the asking price.
These are real stories that describe an active, busy real estate market with very low inventory, high demand and available financing. They are the stories of spring 2017, and they reflect the Philadelphia statistics that were revealed recently by Kevin Gillen of Drexel University’s Lindy Institute, the guy who has followed local real estate statistics more than anyone else over the last 20 years.
Gillen reported that Philadelphia real estate values increased 11.8% over the last year. That amazing piece of data looks a little different when one considers particular neighborhoods: South Philly (14%), Lower Northeast Philly (14.6 %), Center City (13.1%), Northwest Philly (3%), and Upper Northeast Philly (0.6%). Not every neighborhood is experiencing the same “hot” rise in values, although every neighborhood is experiencing a level of demand where the most attractive properties can fly off the market as fast as they go on.
If you need to sell or buy in Philadelphia or its near suburbs, the Witt-Lippincott Team is ready to help with solid advice founded in more than 95 years of collective experience. Call Loretta Witt at 215-248-6522 or email: [email protected]