Move Up in The Philadelphia Real Estate Market
This is a guest letter by Larry Flick, Prudential Fox & Roach, Realtors
Moving Up in a ‘Down’ Market – What You May Not Know About Today’s Philadelphia Real Estate Market
– During the Great Depression of the 1930s, while most Pennsylvanians struggled, there were some who also amassed vast fortunes. A wealth of opportunity also exists is today’s real estate “recession,” a time which offers buyers and investors an unprecedented chance to “move up,” according to Larry Flick, CEO of Prudential Fox & Roach.
“Those who believe that real estate is a tide that moves all boats equally are just plain wrong,” says Flick. “The fact is, we may very well be in the single greatest move-up real estate market in decades. Today’s market represents a rare opportunity for some to move up to their dream home at virtually unprecedented prices. If you have longed to move to another community, purchase a vacation home or create income through rental property, now might be your best chance to do so.”
According to Flick, the following facts rarely appear in media coverage about the real estate market and are, therefore, unknown to most consumers:
- Prices of higher-priced homes have (generally) declined more, as measured in dollars and/or percentage of price, than have prices of lower-priced homes.
- Vacation property prices have also changed based upon their own local economics.
- If the price of your home has moved down less than the price of your ideal home, this may be the time to make your move.
Flick advises consumers to answer the following questions before considering a move-up home purchase:
- What price could my home bring if put on the market today?
- What is the price of my ideal home in today’s market?
- What will the difference in monthly costs be should I decide to move up?
- What will my net costs be after tax?
- What is the potential for immediate lifestyle enhancement and for long-term financial gain if I move up?
“The answers to these questions are vital to making a more fully informed decision about the opportunities present in today’s market,” explains Flick. “A professional Philadelphia real estate agent, your attorney, financial planner and/or accountant can help guide you through this decision-making process.”
