Philadelphia Real Estate Blog

We remain in a sellers’ market where demand outweighs supply. Some segments around $1m have little inventory and nearly 90% of the “grey” inventory left over from the boom of 2006-2008 has sold.

Interior condition tends to be the driving force of value and can compete with the “location x 3” aspect in terms of value retention. Overall, sale prices average around 97% of asking price and the “days on market” clock is not long by Philadelphia standards.

Empty-Nesters and first-time buyers are our primary buyers and both want “move-in condition” and will pay accordingly. If a Philly condo shows well, it will sell well. Weekend warriors and part timers are buying one bedroom units for fun and many parents buy condos for their kids coming to Philly to attend school- you would be surprised how active that segment has become.
The best move for buyers is to learn the market and take your time. When and only when you are ready- strike like there is no tomorrow. Pounce.

For sellers, staging works. More than you think. This is not an area you want to scrimp. Buyers don’t buy bricks and mortar- they buy feelings and emotions. Dare to disagree with me on that one 🙂

That could have been more than 137 words.
I didn’t really count…

Mark Wade
www.CenterCityCondos.com
BHHS Fox & Roach Realtors
Mark@CenterCity.com

1) Kitchens are going gray and white and are getting smaller than say 20 years ago, and are rarely the “eat-in” variety.

2) More attention is being paid to security. Wireless cameras and monitoring systems are being added and/or upgraded to most new construction condos in Philadelphia.

3) The new design focus is on room size and NOT room count. Most buyers today can do without the true blue 3 bedrooms. Most newer condos are now 2 beds & den. Finding a true 3 bedroom is huge…but rare.

4) The use of quartz over granite is the new trend. Also mixing counter tops is hot- Island counter top may be different than interior kitchen counter top.

5) Most new construction does not have closet space finished. Developers leave them blank for buyer to finish. And I find little difference in resale value if you use high-end closet brand vs. a reasonable knock-off brand. Just maximize your space.

Mark Wade
BHHS Fox & Roach Realtors
www.CenterCityCondos.com