Philadelphia home sellers may finally get the prices they want
Housing prices are still low in many metropolitan areas in the United States, but homes for sale in Philadelphia have remained stable. In 2012, many real estate experts forecast another wave of foreclosures to hit the housing market as lenders relieve their backlogs.
In a recent National Association of Realtors report, housing data continued its up-and-down behavior, with sales contracts for existing houses falling in February 2012 from January 2012 across the nation.
The Realtors' Pending Sales Index fell 0.5 percent in February, but the sales are still 9.2 percent higher than a year ago. In the eight-county Philadelphia region, signed contracts were 23.5 percent higher in February 2012 than in January 120 and 23.9 percent above the same month in 2011, according to The Inquirer.
Overall, the Philadelphia real estate market is more stable than many other areas in the United States, and homeowners may be able to benefit. With home sales on the mend, people looking to sell their properties may be able to get their asking prices in 2012 after several years of short sales and home sale droughts.