A recent study by WalletHub ranked Philadelphia as the sixth worst real estate market in the country. PHL17 called in a real estate professional to see if this is really the case for our city.
Tammy McMullin from Keller Williams took our PHL17 Top Spots “Best Realtor” title in 2018 and shed some light on the current market.
Among other things, the study looked at the number of days a house was on the market, the city's job growth rate and the percent of delinquent mortgage holders. Tammy said she found the study to be very misleading.
"It said that interest rates were rising and interest rates are actually at a historic low. That was the first red flag in this study."
She continued saying the second red flag was the fact that Zilllow was listed as one of the study's sources.
"Zillow is littered with false information. I am always warning consumers and clients to not use Zillow for their information."
Tammy said Zillow pulls its information from multiple listing services, which can later get misinterpreted. Information also comes from third party websites like Craigslist so accuracy is a concern.
Local realtors use the Bright Multiple Listing Service, a multiple listing service for the entire Mid-Atlantic region with over 85,000 brokers and agents and 10 million public records of properties.
"Looking at that, the Philadelphia area is actually doing very well. We're still in a sellers market, however with those low interest rates it's also a win-win for buyers."
Tammy's top piece of advice for sellers is to fix any major structural or mechanical issues in their home prior to listing it. She said it's not a bad idea to get a home inspection as a seller.
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