Inventory and demand up in Philly as prices remain steady
In much of the country, housing inventory has declined over the last year as consumer optimism rises and once-hesitant buyers finally decide to enter the market. This has led to increasing prices in many of the country's most competitive markets, such as Washington, DC, San Francisco and Boston. However, the City of Brotherly Love has actually seen inventory increase over the last year, which could make it a great time to buy one of the homes for sale in Philadelphia, PA.
According to the Home Buying Institute, the number of real estate listings in Philadelphia rose by around 3 percent between July 2011 and July 2012. This has helped keep prices in the area down, while prices rose steadily elsewhere in the country prices.
In fact, according to a real estate data firm, Philadelphia home prices dropped almost 1 percent from the first to second quarter of 2012. For many potential homebuyers, this could be a good reason to consider starting a search in the city now.
Some homebuyers may already be considering this tactic, as The Philadelphia Inquirer reports that buyers are becoming more serious about purchasing property in a short time frame.
"Buyers are indeed back in the market," Patrick Conway, a local real estate professional, told the news source. "This is the first year in the 17 I've been selling real estate that I didn't have time to take a summer vacation.
This news isn't only good for Conway, it could indicate to buyers and sellers that the Philly market is recovering and demand is ramping up. Interestingly, Conway and others say that excitement about homebuying is way up, but prices haven't adjusted to reflect this yet.
Like Conway, other local agents see this spiking demand as a positive trend for the city. Moreover, it's not just a rise in interest that they are seeing, but a rise in extremely motivated buyers.
"Buyers I've seen in the last six to eight months are much more serious," Nancy Pearl, another local agent, said to the news source. "They're coming to open houses with agents, and they've already talked to a mortgage broker about the amount they'll be approved for."
Rising demand from serious buyers coupled with still relatively low prices could make this an ideal time to find your dream house in the City of Brotherly Love.