Thinking About a Move? Why Now is the Right Time to Buy

NowsGreat-01

It’s fall. The temperatures are cooling and you’re wondering if it’s a good time to pack up everything, purchase Philadelphia real estate and move to a new home. If you’re still sitting on the fence, take note: This is a great time to buy a home in Philly. Not only are prices on homes in Center City good and interest rates at the lowest percentage of 2014, the city is seeing a great deal of growth and change, making it an even more desirable place to live, work, and play.

It’s a Buyer’s Market

In September, Zillow put the Philadelphia real estate market in the top 10 markets for buyers. The city is a buyer’s market because properties in Philly are still, in comparison to other major cities in the U.S., great values.  This time of year there are some great deals that can be struck with some of the properties that may not have sold through the vibrant spring and summer market and are looking to move on before the winter sets in. The city’s projected growth and forecast is filled with positivity and opportunity and as more development occurs prices will begin to appreciate and competition becomes stiffer.

Philly was also ranked among the top five markets for millennials, as the average buyer spends less than 15 percent of their income on a home. It’s not just Philly’s real estate prices are appealing. There are also plenty of social and job opportunities that make the city a great place to get your start. With Comcast breaking ground on their next tower in Center City and University of Penn and Children’s Hospital having  big plans to build new research and development facilities along the east side of the Schuylkill River, the opportunities are endless.

Interest Rates are Great

If you plan on getting a mortgage to pay for your new home, now’s the time to get a fantastic rate. In August, the state of PA had the fourth lowest interest rates in the US. During the week of October 16, the average rate on a 30-year fixed mortgage was 4.07 percent. The average rate on a 15-year fixed was even lower, at 3.26 percent. The rates are hovering around the lowest of the entire year. The 30 year fixed rate has dipped back into the 3’s in some cases and the 15-year fixed is flirting with high 2’s in rate.

There’s a Lot Going On

Center City is full of hustle and bustle these days, making it not only a relatively affordable place to live, but also an exciting place to live. The recently completed Schuylkill Banks Boardwalk lets you enjoy a lovely stroll along the river while the soon to open ice skating rink at Dilworth Park will keep you busy through the winter. With the addition of big department stores like Uniqlo, Century 21, and Nordstrom Rack you can stock up on all you will need to keep warm while enjoying all the outdoor fun in Philly this season and beyond!

If you’re thinking of buying in Center City Philadelphia, don’t let the approach of fall and winter stop you. Philly’s market is hot right now and it’s a perfect time to dive in.

Speak Your Mind

*