Philadelphia-area mortgage rates may encourage more first-time buyer sales
The real estate in Philadelphia, PA has fared much better than properties listed in many other metropolitan areas. Currently, the APR for a 30-year fixed rate mortgage in the city is as low as 4.007 percent, and if rates stay this low through much of 2012, new homebuyers may be encouraged to purchase properties in the Philly market.
In fact, between February 2012 and February 2011, many influential housing market statistics have been trending positively for Philadelphia, even with the national economy wavering over the past year. Local real estate experts have reported single-family home inventories decreased from 8,133 to 7,546 in the last twelve months, and the median price for single-family homes increased from $109,000 to $120,000.
Homebuyers who plan to purchase properties in the greater Philadelphia area may be able to take advantage of the historically stable housing market. Philadelphia has withstood much of the housing crisis, and many new families may look to purchase property in the area in 2012. When it comes to investing in homes with potential for upticks in value, Philadelphia may be a worthwhile city to look toward.