2007-03-13 09:11:46 · 6 answers · asked by Deevah 2 in Business & Finance ➔ Renting & Real Estate
I am wondering if it is a good idea to get real estate at all. I keep reading about crashes and prices falling. It's all pretty scary. However, things don't seem that bad yet in Philly... Btw Kenneth D. : I live in an inexpensive apartment with my hubby in Center City.
2007-03-13 09:32:43 · update #1
As for the housing market getting a bad rap, that's only on the "Sellers" end.
This spring and summer are going to be the best times to purchase a home in America that we've seen in a long time.
The higher inventory created by everyone's desire to move in the spring and summer, will drive prices down due to competition.
Start searching now....so when the market is @ its prime, you're ready to purchase.
This "buyer's market" trend is predicted to begin its plateau somewhere between Oct.07- Jan.08, at which time prices should begin to stabilize and create the new "Norm".
2007-03-13 09:36:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are good and bad areas of every city. You do not say what your options are. Are you paying rent now? You should compare the cost of rent to the anticipated cost of owning, then determine the equity which you will gain in a home. Even in the worst of neighborhoods, homes do appreciate in value. Their are some very good neighborhoods in philly. If you can, try to get a home that you can convert into a 2 flat for some rental income or that you can rent if you decide you do not want to live in that neighborhood anymore.
2007-03-13 16:27:56 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I am also from Philly. I moved out of the city many years ago and I would NEVER go back. If you are going to buy a home, go to the Burbs. Chester County is best. Parts of Delaware County are also OK. You will pay more for your home but it is well worth it to get away from the crime, pollution, litter, and city wage tax in Philadelphia. You can always drive in for cultural/sporting events....
2007-03-13 16:17:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋
The market is not the best for seller's, but is pretty good for buyers. Interest are still very low and sellers have had to cut their listing price pretty significantly due to the market slowing down and the property's staying on the market a long time. In my opinion, it is a great time to buy!
2007-03-13 16:32:29 · answer #4 · answered by dan a 2 · 0⤊ 0⤋
i'm a loan officer and i know a few real estate agents. it depends on where you want to live in Philly or if you want to live in the suburbs. i can get you pre-approved. shot me an email if you would like my help.
2007-03-13 16:29:02 · answer #5 · answered by cmruffin1 2 · 0⤊ 0⤋
I've seen parts of Phila which are very nice.
Other areas tell youwhy Phila is also known as Filtydelphia.But you could say that about any major city.
2007-03-13 16:20:01 · answer #6 · answered by Barry auh2o 7 · 0⤊ 0⤋