Has the Philadelphia Real Estate Market reached bottom?
Has the Philadelphia Real Estate Market reached bottom?
Is it safe to buy in Philadelphia?
According to a well written and data filled article written by Larry Flick, Chairman and Chief Executive Officer of Prudential Fox & Roach and The Trident Group the answer is yes. Larry’s reasons for reaching this conclusion are that there is a large selection of homes to choose from, prices and interest rates are at all time lows, and there is pent up demand from those wanting to form new families and those who rented the last few years
Some of the key points of the article were:
- Case Shiller and other national real estate data are useful but local market data provide the best insight into a particular market.
- Price in the Philadelphia region have been at or near bottom since 2009 and our market does not suffer from the foreclosure/shadow inventory issues facing many cities.
- Philadelphia home buyers must consider all time low interest rates when making the decision whether to buy or sell.
- All key indicators suggest there will NOT be a double dip recession nationally because employment is improving and manufacturing is strong. In Philadelphia, “eds, meds and pharma” have seen growth and make our local economy strong and stable.
- Mortgage companies have relaxed some of the stringent requirements of 2008 and 2009 and are readily lending money to well qualified buyers.
- Homes are more affordable now than since the industry started keeping records in 1970.
- There’s a great selection of homes for today’s buyers.
- Prices and Interest rates are at all time lows — Once the majority of consumers begin to feel confident again and enter the market, both prices and interest rates will rise.
- Pent up demand — Households waiting to form will begin to unleash many new buyers into the market. Also, a recent survey noted that 65% of renters said they were planning to buy a home soon.
A copy of Larry Flick’s chairman’s report for the Philadelphia region can be found here.
To search Philadelphia Real Estate listings for condos, homes and apartments click here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
