Philadelphia shows positive signs of growth and recovery
When you sit down at your kitchen table and begin to map out possible destinations for your big move, you want to make sure the community you'll enter offers a promising real estate future. While many metro areas experienced their fair share of turmoil in the past few years, the majority have made positive strides toward a full recovery. Real estate in Philadelphia, PA, is one of those markets, where signs of growth can entice buyers into the marketplace.
Recently, two signs paint a positive picture on the future of Philadelphia real estate - gross domestic product (GDP) and multiple bids.
GDP and what it means for you
Pennsylvania featured an economic output of approximately $500.4 billion in 2011, according to Bureau of Economic Analysis (BEA). The agency ranked the state as the nation's sixth-largest by real GDP, the Philadelphia Inquirer reports. While the state saw a modest 1.2 percent growth from 2010, the real GDP statistic represents a stable market, one with the potential to feature many jobs.
At first glance, GDP may not look like it would influence a family considering relocation, but the possibility of job opportunities could be motivational. In today's economy, work can sometimes be hard to come by, and you may want to move to a city that hosts a plethora of industries. This would give you a chance to dabble in a variety of options and find employment to support your family's needs.
The biggest contributor to Pennsylvania's GDP growth was durable-goods manufacturing. In addition, the BEA cited wholesale trade and health care as two other big positives for the state.
Multiple bids impact the housing market
In the recent days, Philadelphia real estate agents have noted an increase in multiple bids and how they indicate the emergence of new homebuyers in the marketplace. While multiple bids may be positive signs for home sellers and real estate experts, they may prove to make your home buying efforts a little more difficult. After all, your neighbor could swoop in and claim the home of your dreams if you take too long to garner a preapproval letter from a lender.
Therefore, when you've decided upon Philadelphia for your new home, make sure you have your finances in order before you contact a seller. You'll want to make a great first impression, and getting backed by a bank is the best possible support you can achieve today.