The State of Philly Real Estate — 2015

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Every January, there’s a flurry of “State of the…” events, and here in Philly, it’s time to talk about real estate: where is it going? While I can’t share my Magic 8 Ball with everyone in town, I can certainly tell you about some exciting overall trends I’m seeing for 2015:

Better Economy, Better Opportunities

So the economy was pretty tough for a few years there. Homeowners and business folks alike felt the pinch, and in some cases it was quite painful. Over the last couple of years, things have been looking tentatively up. But in 2015, you can expect to see more confidence, more growth and more opportunities. As the economy gets stronger, so will the market for properties in Philly, especially in the near term. Specifically…

The Interest Rate Wiggle

Interest rates are still at the all-time lows they were dropped to in order to boost the economy. So if you’re in the market for a home, these first few months of 2015 would be a good time to lock in a still-low interest rate. It is important to remember lower mortgage rates translate into more buying power. Interest rates will probably stay low-ish, but as the economy improves, those interest rates will start creeping upwards again, which will affect what you pay on your mortgage. So if you see a property you like, don’t hesitate!

Home Prices Going Up!

Now is a great time to invest in some Philadelphia Real Estate. The U.S. Federal Housing Agency has properties in our area running a 10-year price appreciation rate of 24.6%—well above the 9.4% national average! For buyers, this again means that now is the time to move if you have been considering purchasing a new home or investment property. For sellers, this is also a good time because you can get a great price for your home due to lower than normal inventories of property in the Philadelphia market. Home sellers can then take their proceeds along with them to purchase a new home at an impressive mortgage rate.

2015: An Exciting Year in Philly

Needless to say, things are continuing to hop here in the City of Brotherly Love, and we’re standing in a unique time full of opportunities! If you’re ready to sell, get your home listed and spruced up now. I see the 1st quarter of 2015 being busy with buyers looking to secure a new property as the threats of interest rates rising are driving more buyers to make their move. If you’re buying, keep in mind that this magic time of fair prices and low interest rates for great homes won’t last forever! So talk with me today about properties throughout Center City, Rittenhouse and Fitler Square, Fishtown, Queen Village, Bella Vista, Pennsport, Old City, Art Museum/Fairmount, Passyunk Square, Northern Liberties, Point Breeze, Newbold, Old Kensington, Francisville and Graduate Hospital!

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