Is the Philadelphia housing market recovering?
The national housing market has seen activity fluctuations in recent years, but the number of homes for sale in Philadelphia appears to be dwindling. According to PennLive.com, the midstate housing market has gotten stronger, reaching a level it has not seen since the second quarter of 2007.
Data reflect that the sales volume, number of units sold and average price for properties in the area increased when compared to statistics from the same timeframe in 2011.
"The average sales price is very important," a local real estate expert told the news outlet. "A lot of strong markets on the East Coast were not up in the first six months of this year."
The aforementioned professional noted the real estate market could see more first-time homebuyers in the near future. Take a look at a few of the reasons why property buyers might consider the homes for sale in the City of Brotherly Love.
Low fixed-rate mortgages
A fixed-term loan may help property buyers maintain a budget, as it features the same monthly charges typically for 15 or 30 years. Homebuyers could qualify for historically low interest rates on their loans, as lenders provide a variety of options.
For instance, Freddie Mac notes that the average fixed-rate loan for a 30-year mortgage was 3.49 percent as of July 26, 2012. This figure represents a 0.13 percent drop from four weeks earlier.
Meanwhile, property buyers could take advantage of the wide selection of homes available in neighborhoods across the city. You might be able to find high-quality homes for less than $200,000 in neighborhoods such as Kensington and Manayunk, which are popular areas for many residents.
Unemployment numbers continue to improve
While residents struggle to find work in many communities, the Philadelphia area has seen its unemployment numbers fall since 2011. The U.S. Bureau of Labor Statistics notes that nine local counties posted lower unemployment rates in March 2012 than in the same period a year earlier. Additionally, jobless rates were lower in 11 counties when compared to statistics from March 2010.
More interest in the community could drop these unemployment figures further, while causing home values to rise throughout the metro. Now might be an ideal time to purchase one of the homes for sale in this city, as the metro's real estate market appears to be attracting more buyers.