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Real Estate News

Welcome to fall and football season! Summer flew by and for sellers who expected to sell over the summer, they may start to panic and begin to explore what is commonly called the IBuyer – companies like Open Door. The companies purchase homes at a discounted price, have higher commissions, and reduce the purchase price by the cost of repairs. The IBuyer companies have restrictions so it is limited: no gated communities; a maximum price below $500,000; no leased solar panels; no major repairs required; and other restrictions. In other words, IBuyer companies want to purchase a specific type of property, pay under market prices, complete a few repairs (which you have paid for) and then turn around and sell the properties. There may be a time when it makes sense to use a company like that: however, make sure you understand their limitations as they are not a full-service realtor, like me.

In Deercreek over the last 3 months 10 homes sold, according to 8/2/19 NEFMLS. The homes sold from $370,000 to $569,000 and were on the market from 8 to 151 days. 6 of the homes sold were under 3000 square ft. The largest home sold was 7846 Rittenhouse at 3700 square ft, which sold for $569,000.

There are currently 21 homes on the market. Priced from $354,900 to $799,000, the homes range in size from 1700 to 5092 square feet. The price per square foot averages $160.50 per square foot, but ranges from $130.65 to $208.76. These homes have been on the market from 18 to 269 days. The List Price was recently reduced on 7858 Heather Lake to $417,500, 10036 Watermark to $439,999, and 10384 Cypress Lakes to $560,000. Currently, 6 homes are under contract – ranging from $370,000 to $869,000.

As you read this, I’ll be on a cruise with my two sisters. I’ll come back rejuvenated and ready to work with sellers and buyers, play tennis, golf and pickleball, and of course, enjoy the cooler temperatures and football!