Reflections on 2024 and what’s to come in 2025

by Brad Gellman

Reflections on 2024: Challenges, Wins, and Lessons

As we approach the end of the year, I’ve been reflecting on what has been both one of the most challenging and rewarding years of my real estate career. With shifting laws and market changes, 2024 saw some of the fewest transactions nationwide since the pandemic. Despite this, I’m incredibly grateful for the trust my clients placed in me and for the opportunity to help them navigate tough situations.

The following are a few of the standout stories:

Ms. R’s Journey to Her Dream Duplex

Ms. R came to me as a referral from another agent—a recommendation that is always an honor in this business. She was searching for a duplex in West Philadelphia and fell in love with one early in our search. Unfortunately, the property was pulled off the market for renovations. While waiting, we went under contract on another property, but inspections revealed serious structural issues, so we had to walk away. Throughout this time, I stayed in contact with the listing agent for Ms. R’s original favorite property. When it finally returned to the market, we moved quickly and secured it.

Then came the next hurdle: the duplex’s zoning status caused the appraisal to fail, as the property was deemed an “illegal” duplex. For the next four months, we worked closely with the lender and listing agent, navigating construction updates and a new appraisal. The process required patience and persistence, but the day we closed was worth every effort. Ms. R is now living in her dream home and regularly sends me photos of her renovations, which continue to amaze me. Her determination throughout this journey was nothing short of inspiring.

Finding the Perfect Home in Reading

A young couple approached me looking for their first home. Initially, they focused on the Radnor area, but after seeing how their budget aligned with the market, we realized they needed to expand their search. I remembered hearing about a unique home in Reading that seemed like a perfect fit. Despite some initial hesitation about the distance, they agreed to check it out; from the moment they walked through the door, it was clear that this was the one!

The house had charm and potential, but it also came with challenges, including radon and asbestos that needed remediation. We negotiated $75K under asking to account for these issues and worked with trusted professionals to address them before closing. A month later, they moved into a safe, beautiful home where they could put down roots and raise their growing family. They just welcomed their first child, and I can’t wait to see how they transform this house into their dream home over the years.

Helping the Next Generation Buy Their First Home

Nearly seven years ago, I helped a family sell their home in Northeast Philly and buy a new one in Chalfont. This year, I was thrilled when they referred me to their son and his wife, who were ready to buy their first home. They had their eye on a beautifully rehabbed property in Phoenixville, but it was in the middle of a competitive bidding war. With their full pre-approval already in hand, we moved quickly to make a strong yet realistic offer that wouldn’t stretch their budget.

After speaking with the listing agent, we submitted a bid slightly higher than the competition, and it was accepted! Even better, the appraisal came in higher than the contract price, which gave my clients a great financial start. They closed smoothly and moved in last week, ready to start this exciting new chapter in their lives. Helping families across multiple generations is one of the most rewarding parts of this job, and I’m so grateful to still be a trusted resource for so many.

A 10-Month Journey with a Unique Tri-Plex

Of all my listings this year, this one was one of the most challenging deals of my career: selling a unique tri-plex that had a mix of long-term tenants and a licensed short-term rental upstairs. The property’s hotel license added incredible value, but it also created complications. Over 10 months, we cycled through three buyers, four lenders, and five appraisals. The first buyer lost their financing, and the second worked with a lender who simply wasn’t up to the task. Both deals fell through, leaving my client frustrated but determined to move forward.

When we finally found the right buyer, I encouraged them to switch to a trusted lender, and we pushed through additional appraisal hurdles. It wasn’t easy, but the buyer’s motivation and my client’s patience paid off. We just closed last Friday and I couldn’t be more relieved or excited for everyone involved. My client is now preparing to list their next property—a quad-plex—and I’m looking forward to helping them tackle that project in early 2025!

Each of these stories highlights why I’m so passionate about what I do. Real estate is more than just buying and selling—it’s about overcoming obstacles, building relationships, and creating opportunities. I’m honored to support my clients through every step of their journeys and look forward to helping even more families in the year ahead.

A Festive Season and Looking towards 2025

This is one of my favorite times of the year. The city and suburbs are glowing with holiday lights, and many of us are looking forward to some well-earned time off with loved ones. I recently had the chance to attend a live Eagles game, and what an incredible season they’re having! With another playoff berth clinched and just one win away from taking the division, there’s so much to be excited about. GO BIRDS!

Looking ahead to the new year, I’m thrilled to share some exciting plans! Keep an eye out for my New Year’s cards—this year, there’s a small thank-you gift included as a token of my appreciation. If your address has changed or you haven’t received one yet, please send me an update.! Whether you’re heading out on vacation or staying local, there’s so much to enjoy. Philly is bustling with activities, and quick day trips to New York or D.C. are always a great option.

As for 2025, it’s shaping up to be another great year! In March, you’ll receive my annual Phillies schedule magnet, and I’m planning another game day with free tickets for clients. This spring, we’ll host another free client photoshoot (yes, you’re welcome back even if you joined us last time!) and a special charity event with food and drinks to support a cause close to my heart. I’m also working on new activities like the Hershey Park trip to create more fun experiences for all of you.

Next month, I’ll share a bit about my journey into real estate and how I got started in this business. I’ll also be asking for your input, which will help me tailor content to what’s most helpful and relevant for you. Plus, I’m revamping my website to include updated market information, useful tools for buying and selling, and details about upcoming activities and events. It’ll be a one-stop resource to keep you informed and supported.

Wishing you and your loved ones a joyous holiday season and a fantastic start to 2025! May the new year bring you happiness, health, and success in all that you do!