New projects in Philadelphia may encourage homebuyers to return

Homes for sale in Philadelphia, PA, may be in greater demand in the future, as development plans across the city may create an influx of new owners.

Philadelphia developer Bart Blatstein plans to build a new entertainment facility along Callowhill Street between Broad Street and 17th Avenue, according to The Inquirer. Blatstein recently purchased the iconic Inquirer and Daily News building and plans to turn the facility into a casino, entertainment and retail complex with hotel accommodations, the news source reports.

With plans to build new facilities in the City of Brotherly Love, prospective homebuyers may be encouraged to purchase properties in the area. In addition, government-backed mortgage lenders Fannie Mae and Freddie Mac have begun to structure new guidelines to streamline the process for short sales, The Republic reports. The guidelines would go into effect on June 15, 2012, requiring lenders backed by the two organizations to review and respond to bids for short-sale properties within 30 days of an offer.

With new entertainment options in the pipeline and new regulations making short-sales easier, buyers may be looking to Philadelphia for their new homes.