As with any investment, it’s crucial that you know what you’re getting into. You should thoroughly research any real estate you’re potentially going to buy. This includes the value of similar houses in the area, the local amenities and schools, the crime rate, and the market trends. Armed with the relevant information, you can make an informed decision on whether an investment is right for you.
In this article, we’ll cover as much of the general information as we can. However, it’s up to you to look for further detailed information about properties and areas.
Current Real Estate Climate in Philadelphia
Philadelphia has had a strong few years in the real estate market. Prices have seemingly been going up and up, meaning investors are scrambling to get on board. It’s very much a seller’s market at the moment, as demand is outstripping supply. Philly, and the Delaware Valley region, is seeing a steady increase in its economy. In addition, housing construction is also booming. This makes it a great time to buy, but also means that competition can be fierce. Some reports are even showing that new homes to the market are selling within days of being listed. However, others are suggesting that the market is starting to slow slightly.
Due to the low inventory (number of houses on the market), you may find it difficult to pick up a bargain. However, if you have the money to invest then now could be a good time. If you have the luxury of time, you can shop around to find a property that’s right for you. Don’t be discouraged if you find yourself in a bidding war with others. If a piece of real estate starts to get too expensive, look elsewhere in the area for alternatives. Flexibility is important amidst such competition.
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