A colleague has decided to downsize to a condo and has added her house to the substantial existing-home inventory in Philadelphia.
She and her late husband were part of the urban-pioneering movement in their neighborhood in the early 1970s. For their efforts, and as a result of the housing boom in the early part of this decade, they accumulated a substantial amount of equity that even this bump in the real estate road cannot reduce.
But she faces a buyer's market, with all that implies, made more difficult by tighter credit in the aftermath of the subprime debacle of August 2007.
The price she is asking is within the financial means of a young professional single or couple - I've seen newly minted lawyers buy Rittenhouse Square condos for about the same amount.
She also is willing to negotiate, and that puts her ahead of the pack. Agents tell me that there are plenty of sellers who remain unwilling to budge from the wrongheaded “but my neighbor sold his house in 2006 for a zillion dollars” view of proper pricing.
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