With mortgage rates at 8% and homes sitting on the market for longer, realtors are getting creative.
It’s a tough time for realtors.
With mortgage rates hovering around 8% as they did back in the ’00s and the ’80s, homes are either getting snapped up quickly by those who can live with the rate or sitting on the market for a longer time. Year over year homes are sitting on the market for 3% longer. Like the comeback of shoulder pads, we’re seeing a housing market that we haven’t seen in a while.
Nothing incentivizes Philadelphians more than staging a comeback. So around 70 of the biggest names in the market had banded together to host a river-to-river open house featuring some really interesting homes.
Things to note:
- The open houses run from either 12p to 2:30p OR 2:30p to 5p.. So check the Open House Philly site before you show up and startle a homeowner getting out of the shower.
- Plan carefully – not everything is close and sometimes it takes a while to get up to see a condo once you’ve cleared it with the doorperson.
- Wannabe buyers AND gawkers can show up. However, if you are in the market to buy, then you may want to bring your agent.
- You may have to sign something onsite.
- Participating realtors include Allan Domb Real Estate, Berkshire Hathaway Homeservices, Fox & Roach , Bryant & Wilde, Coldwell Banker, Compass, Dranoff Properties, Kurfiss Sotheby’s International, KW Philly & KW Philadelphia.
There are a total of 32 open houses in the Rittenhouse, Logan Square, and Fitler areas along with one on JFK Boulevard (we felt bad for this as it’s kind of in no man’s land). This blog tends to include Logan Square and Fitler areas as we feel they are a natural extension of Rittenhouse.
Below are our (3) top picks that we haven’t already covered on the blog, and that we think are worth exploring if you’re in the market to buy.
💰 What you get for the money: 3 bedrooms, 6 baths (?!), a whopping 4,500 square feet, and a very neat address on a prestigious street.
❤️ Why we love it: C’mon, it’s Delancey! It’s a historical, mini mansion that’s on a lovely street with equally lovely houses. And judging by the previous listing photos, some of which are below it looks VERY interesting! The one bathroom is truly unique while who amongst us has not wanted a wine cellar?
🤔 The burning question for us: Besides the bedroom-to-bathroom ratio, why are there no interior photos? We pieced together photos from its previous listing below for a sense of what the space looks like. Also, the previous listing notes that it’s 4 bedrooms and 3 1/2 baths which is in line with our thoughts on a 4,500 home.
💰 What you get for the money: 2 bedrooms, 2 baths, and 1,224 square feet in the building that’s known for Parc.
❤️ Why we love it: It’s on the square, you have quick access to Parc (both a local and tourist destination), and the condo is move-in ready. It also has a Juliet balcony, the price isn’t insane, and the building has a pool in addition to other great amenities and doorpeople.
🤔 The burning question for us: Working from home may be challenging for a couple; one person, maybe not as much. Note that there are a few other units also available within the building.
💰 What you get for the money: 1 bedroom, 1 bath, and 715 square feet in a “boutique” condo building (meaning a townhome cut up to create separate units).
❤️ Why we love it: It’s unique, move-in ready, and less than $500K on a lovely street. It also has some of the historical details intact, such as the fireplace and main staircase.
🤔 The burning question for us: It’s SUPER cozy. The living room/kitchen is one large room which is fine if you’re idea of cooking is ready-made meals or minimal prep items.