|
Real Estate News
What is a Differential and Why is It So Important
In the real estate world,
the differential is the percentage of the final sold price to the listing price. For example, if a $300,000 property sold for $270,000, the differential would be 90 percent. And if that same listing sold for $300,000 , the differential would be 100 percent.
In Philadelphia, our local MLS reported that for homes sold to date in 2013, the average differential in Philadelphia is 88.73 percent vs 87.09 percent for the same period in 2012. Within Philadelphia, some neighborhoods will have a much higher differential. For example, we have seen Fishtown, Old Kensington and Northern Liberties to have a much higher differential than 89 percent and for our own listings, we have recently closed many deals in the 98 to 100 percent range. This is important information for both buyers and sellers as it can set a parameter for a buyer when making an offer and for a seller in regards to accepting that same offer.
Why is it SO Important?
When choosing a listing agent, ask that agent what is their differential percentage for the homes they sold in XYZ neighborhood? The agents that have the HIGHEST differential obviously get the most money for the sellers they represent in addition to having the LOWEST days on market. Let's look at 3 scenarios to illustrate.
- Average sample of Northern Liberties homes sold
- Statistics of an office based in Center City for the Northern Liberties homes that they sold
- Statistics of The Somers sales in Northern Liberties
Check out the 3 scenario graphics here.
If you would like a free home market analysis we invite you to Contact Us. |
|
Tip Jar
How to find "the One"Home
With all these Websites at your disposal, you would think it would be easier to find "The One" home online these days.
Day after day you search Craigslist and Zillow, hoping "The One" has hit the market.
It's almost like dating!
Be patient, it will happen. While you continue to search, here are five signs you will
know you found "The One":
5 Signs A Home Might Be "The One"
1. You instantly feel possessive about the property.
When you walk into 'The One' no matter how long you've been house hunting, you'll get an involuntary surge of energy to do whatever it takes to make that home yours.
2. You start to see its flaws as adorable quirks.
Smart buyers should be aware of a syndrome some call "Pottery Barn Psychosis," whereby the aesthetics of a wonderfully staged home with amazing curb appeal can hypnotize a buyer. This syndrome renders buyers blind to the negative property features, which would be glaring or grave concerns if the place weren't so stinking cute. It's fine to make a conscious decision that the pros of a place outweigh its cons, and even to consciously re-rank your priorities in light of a particular property's advantages.
Get signs 3-5 here.
Speaking of "the One" did you notice our updated logo - what do you think? Feel free to drop a comment on our FB page.
|
|
Meet Your Neighbor
Groundbreaking Ceremony for a Groundbreaking Concept
High ceilings, luxurious amenities, and modern living... For teachers? Meet Oxford Mills, the newest addition to the South Kensington neighborhood. The 114-unit building, built by D3 Real Estate will open next year with plans to offer its affordable one and two bedroom loft apartment units with a socially-conscious mission: 68 of the units are reserved for teachers at a discounted rate. A unique and refreshing concept that we are excited to welcome to the city.
A groundbreaking ceremony was held on Wednesday April 17th that featured special performances by student drum-line and choir groups from Kensington High School for the Creative and Performing Arts (KCAPA).
Interested in living or working at Oxford Mills. Get more details on their website. |
|
To add to the fun let us know if you did #3, #7, or #9 on our FB page ;-) |
|
|
The Somers Team |
Connect with us on:
  |
|
Featured Quote | |
"Act as if what you do makes a difference. It does."
~ William James |
|
Featured Listing | |
This beautiful 5 year old 3 story brick home is ready for showings.
Welcome to Poplar Point!! Original New Construction with 3 bedrooms and 2 baths/
Features include:
- 12' ceilings
- Bamboo floors throughout
- Designer kitchen w/ Whirl Pool appliances, large granite island with storage, under cabinet lighting
- Open floor plan
- Exquisite tile work in baths & kitchen
- Recessed lighting
- Master bedroom suite
- Custom Jeldwin windows
- Flex spaces
- Modern vanities and seamless glass shower
- Private decks
- Private fenced-in yard
- Dual zone high efficiency heating & cooling
- Tank-less hot water heater
- Alarm system
- 9 years remaining on tax abatement
- Located in the heart of Northern Liberties, a quick walk to The Standard Tap, The Foodery, Green Eggs and North Shore Beach Club.
View Photo Gallery |
|
Stay Informed |
Join our Mailing List and indicate what kind of specific emails you would like:Monthly Newsletter Real Estate Listings Real Estate Updates An email will be sent to you to update your profile allowing you to choose the kind of emails you want to receive from us. |
|
What's New |
Our updated logo that will be fully integrated into our site later this month.
We think it fits us perfectly. What do you think? |
| |
|
"The highest compliment our clients can give us is to recommend us to a friend. We appreciate your referrals and hope you will think of The Somers Team when you know someone that is looking to sell, buy or rent a home!" We also want to thank you - our clients and readers of our blog - for helping us achieve these goals. |
The Somers Team
1033 N 2nd Street, 5th FloorPhiladelphia, Pennsylvania 19123
215-400-2600
|
|
