Reporting Michelle Durham
By Michelle Durham
PHILADELPHIA (CBS) - Plunging home prices, foreclosures, and short sales have made real estate a buyers market the past few years. Will this year be any different?
“For Sale” signs are popping up all over the place. Mike McCann of Prudential Fox and Roach, who specializes in Philadelphia real estate, thinks the market is bouncing back.
“It appears that it is definitely going to be better. We are already seeing it the last several weeks, a lot more activity with buyers going to open houses. I’ve had multiple offers,” he says. “Everyone is picking up, especially the last three weeks.”
What about the suburbs? Arlene Shaw at Keller Williams Horsham and Plymouth Rock Search and Abstract is seeing the same thing but sellers are still going to compete with foreclosures or short sales.
“What sellers have to do is really, really stage their house and make it look like a show piece.”
Both say buyers are still fussy. Many of them are coming in with offers far under the list price and expect the home to be in perfect condition.