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Philadelphia, PA: What to Expect from the 2011 Real Estate Market

January 10, 2011

Here we are at the beginning of the 2011 real estate year.    Last year, 2010 had some month when real estate sales were good, because of expiring Tax Credits for home buyers, and then several months when sales were terrible.  By the end of the year the total annual real estate sales in Philadelphia was down from 2009, although only slightly.

It was a challenging year, so I felt a sense of relief when December ended with a flurry of inquiries, from both past and new clients wanting to buy or sell a homes. I am looking forward to seeing business pick up in  2011. As business picks up I look for prices to stabilize.  On the other hand there is still too much unsold inventory, too many short sales and foreclosures moving values downward.

When I received an inquiry about whether a home purchased and renovated at the height of the market in 2007 could sell for a price which would net the owners their investment, I was not encouraging.

Today, Jan 10, The Pennsylvania Association of Realtors has come out with their projections for 2011.  There opinions, based on state wide date, concur with my ‘feelings,’  selling homes in NW Philadelphia. I’m sharing their Podcast: Optimism, less volatility and slight price declines in 2011 | PAR Just Listed™ for all who are considering whether 2011 is the time to make a move.

You can contact me for a personal consultation regarding your property and your situation.

Kathleen Sheridan

Phone: 215-740-3320, or email: ksheridanrealtor@gmail.com

Kathleen Sheridan is a real estate agent with WEICHERT, Realtors® – McCarthy Associates

Kathleen is a licensed Realtor®. She specializes in NW Philadelphia properties for home owners and investors and in Philadelphia Short Sales.

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