Become a homeowner in Philadelphia and take advantage of the city's affordability
Consider investing in real estate in Philadelphia, PA, when looking for a new community to inhabit. The city of Brotherly Love is a welcoming metropolitan area with a diverse array of available properties. The Department of Numbers reports for-sale inventory has increased by 12.9 percent year-over-year, while median price has fallen by 5.4 percent. Prospective homebuyers may be able to find affordable housing in the city and have their choice among for-sale properties.
Recently, Federal Reserve Bank of Philadelphia President Charles Plosser said he expects to see stabilization and slight improvements for the housing market by the end of 2012, The Inquirer reports. He went on to say he does not expect the market to reach heady pre-recession highs, as those numbers were unsustainable, but a lucrative market may be closer than many think.
With the nation's homeownership rate down due to prospective first-time buyers choosing to rent, homebuyers may be able to shop between available openings without having to compete for the home of their dreams. Many metro areas in the United States are experiencing extreme bidding wars, but entering the market in Philly may spare you from the extra work and help you find a home much quicker.