Real Estate Expectations for Philadelphia, PA with Realtor and Investor Denise Supplee

Real Estate professionals Denise Supplee and Tim Jones from Foreclosure.com discuss the Northeast Philadelphia housing market.

The market remains active, with bidding wars continuing in the suburbs, homes selling quickly, and inventory remains low. Conversely, the Philadelphia market has experienced a slowdown, with homes staying on the market for longer periods. Foreclosures and pre-foreclosures offer affordable housing options, and Foreclosure.com provides a valuable resource for buyers. However, low inventory, high interest rates, and rising prices present challenges for buyers.

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Philadelphia, PA
Bucks County, PA
Delaware County, PA
Montgomery County, PA

You can find Denise Supplee’s website here - https://sparkrental.com/

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Transcript

0:00 - TJones - Welcome to foreclosure.com. My name is Tim Jones, and I'm excited to introduce our guest today, Denise Supplee. Denise, Thank you for speaking with me today.

0:08 - DeniseS - Thank you, Tim. I'm excited to be here.

0:11 - TJones - Thank you. We're happy to have you. Can you please tell us a little bit about yourself and your background in real estate?

0:17 - DeniseS - Oh, my goodness. My background in real estate. Truthfully, my father was in real estate, and we used to joke around because I would lay on the floor, and everybody else was reading comics and whatnot. And I'm sitting there looking through the housing section at a young age. So, my father talked about it a lot, and I just grew a love for it. So naturally, I got involved in the early eighties, got my license, and actually, yeah, in the early eighties, I got licensed. And then I ended up kinda traveling into the property management field for many, many years, got involved in tech, met Brian, and we started our own, you know, Sparkrental, and I also still have my license and do some sales and whatnot on the site. So, and that's only because I love it because it's a lot of work.

1:14 Yeah, I can imagine, especially over the last couple of years, I'm sure, a lot of ups and downs.

1:19 - DeniseS - Yes. Big time.

1:21 - TJones - So, what are you currently seeing in the Philadelphia northeast housing markets?

1:27 - DeniseS - I am seeing a tiny bit of a slowdown, but not as much as I thought because I thought when these rates went up, we were gonna be like boom, it's gonna just come to a slowdown and it really, especially in the suburbs and that's the primary area. I'm still seeing some bidding wars, not as drastic, but the homes are going fast and the inventory is low, which blows my mind still. So, in that respect, it’s well. I see a bit more of a slowdown in the Philadelphia market; I think homes are sitting a little bit more there. But as a subrule, things are still kind of going crazy, and I don't even know, you know, people will ask me, what do you think this market is gonna do as time goes on? But if you would have asked me this, you know, a couple of years ago seeing these interest rates, I would have said, oh, we're gonna, it's gonna completely slow down, but it's not.

2:30 - TJones - Interesting; do you know why that might be?

2:34 - DeniseS - Well, I, you know, I can only make my guesses. I think boomers are starting to find other places to live, and I think there might be more buyers out there. You know, but I don't know why we don't have more sellers. Well, there is a reason because, look, prices went up. So sellers sell their home, but then they have to find a much higher-priced home, and you know, that's a big play in this, too.

3:05 - TJones - Yeah, that makes sense. Okay. Can you help viewers understand how buying a foreclosure or pre-foreclosure would be an affordable housing option, given the current market conditions?

3:17 - DeniseS - Well, first obvious is price. Price is usually gonna be much, much less than, you know what, what we're seeing. It's a good idea to make sure that you understand that there probably will be some repairs and whatnot to be done. But for instance, there's a house now in a neighborhood where I have a rental property, and the homes in that neighborhood are going $425,000 up, and this house actually sits on a nice chunk of ground, and it's at pre-foreclosure for $175,000. So you can see the difference in the pricing. Now, this house needs a lot of work, but if you're good at that kind of thing or you have a good crew of contractors, it makes sense.

4:11 - TJones - Yeah. Ok. That, no, that, that's helpful. I just want to dive into that a little bit further. What opportunities are you seeing with distressed assets, like foreclosures and pre-foreclosures, in your area?

4:22 - DeniseS - Oddly, I didn't see a whole lot, even as short as a month ago, but in the last month, because I always look at this kind of, well, of course, I do. I am seeing an uptick in the suburbs. There is a little bit more in the more distressed areas, even some of the suburbs like Delaware County, which is a different area than I'm in. I'm in Bucks and Montgomery, but I'm definitely seeing more pop-on as time goes forward.

4:56 - TJones - Okay. Interesting. So, to go on that a little bit further, what are your expectations for the Northeast real estate market for the 2024 Spring selling season?

5:06 - DeniseS - I wish I had; seriously, I could read the future honestly. I just had this talk with one of my associates in my office, and we were like, you know, we always knew spring market. Ok. We're gonna go crazy. It's gonna be nuts. But I don't know, to be honest; I do just seeing what's going on. I think we're gonna have a pretty stable spring market. I think the biggest hurdle that we're gonna, you know, have to overcome is I don't think there's gonna be a lot of inventory. I think the inventory is at a stress point now, and it's gonna get worse.

5:46 - TJones - Yeah. No, that makes sense.

5:50 - DeniseS - Buyers, it's going to be tough. Interest rates up, no inventory, and house prices will go up.

5:56 - TJones - Yeah, we're seeing things similar here in Florida. So that makes sense, especially down here in Southeast Florida. So, how do you utilize foreclosure.com to find off-market, affordable housing?

6:09 - DeniseS - Well, I think it's a great resource, even just for information, to be honest with you. I mean, I'm just getting information on the general area that you might be looking in. Foreclosure.com is a great resource. And obviously, you can definitely do searches on pre-foreclosures and foreclosures, which, you know, if you're somebody who is looking to buy something on the inexpensive side or even an investor. If you're looking for flips and whatnot, it's ideal.

6:39 - TJones - Perfect. Thank you. Well, that's all the time we have for today. I want to take this opportunity to thank you for joining us again, Denise. Thank you very much. Don't forget to sign up for our free foreclosure email alerts. Until next time, I'm Tim Jones with foreclosure.com. Thank you for watching.