After selling Philadelphia real estate for a number of years, I have come to the conclusion that there are challenges encountered by myself and other Center City REALTORS® no matter what market conditions we face.
For instance, in a slow market (buyer’s market), Philadelphia condo buyers are fewer and farther between. It becomes more difficult to have a “mass” of ready, willing, and able buyers who are actively shopping for a condominium in downtown Philly.
The traffic through my listing inventory diminishes, and sellers get a bit more edgy and nervous. A potential condo buyer may think that prices are more elastic, and therefore may lowball loft units that are on the market.
On the one hand, some sellers understand the consequences of a slower market, and price their condominiums accordingly. This presents an opportunity for my buyers to get a really good deal. Though the masses may not be priced under market value, there are some condos and lofts here in the downtown Philadelphia real estate market that are “killer deals.” So a slowing market can be a double edged sword for REALTORS®. Most prices may seem high, buyers may want to lowball, but there are generally a few good opportunities on which to “pounce.”
On the other hand, a strong seller’s market will have its ups and downs as well. The prices may be more aggressive, but buyer’s seem to know this, and are much more motivated to jump into the fray. As a Center City real estate agent who is a strong listing agent, this certainly works to my advantage at times. However, a strong seller’s market can lead to multiple bid situations, in which there is much more competition for Philadelphia lofts and condos. I may have a ready buyer, who is willing to pay asking price, but there may be two or three other buyers who are in the same position.
So each market, be it a buyer’s or a seller’s market, presents opportunities and challenges that a Center City agent may face. I find that the number of challenges and opportunities are pretty much the same, regardless of the market conditions for Center City condominiums and lofts, and I enjoy each unique set of circumstances that the market may present!
No matter what’s happening in the Philadelphia real estate market, I can help you get the best price and terms on your Center City condo or loft. Just give me a call at 215-521-1523 or drop me an email at email@example.com.
Prudential Fox and Roach REALTORS®
530 Walnut St. Philadelphia, PA 19106