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The state of the real estate and housing market has always been a method of discerning the health and future of a city. In this case, Philadelphia was ranked number 18 out of 40 of cities experiencing a housing decline on GOBankingRates’ recently conducted survey. This is understandably concerning. However, the perceived housing slow-down does not seem to be halting Philly’s appeal for first-time home buyers.
One of the Best for New Buyers
The city of Philadelphia was named one of the best cities for first-time home buyers in 2019 by the firm SmartAsset. The financial technology company found that Philly has a house loan funding rate of 74% and an average property value of $117 per square foot. They also found that Philadelphia has market volatility of 0.8%—one of the more steady markets in the country. This is good news for those that are aiming to buy a home. It’s also good news for those with existing homes and is looking to make money from their property.
More Positive News
As of February of this year, there remains to be a thriving and high demand for houses in Philadelphia. Multiple realtors reported heated bidding wars between several buyers over Philly properties. In certain cases, listings get sold under a week, according to Dylan Ostrow of Berkshire Hathaway. So for property owners, there is not so much a question of if their property will be sold. Instead, it is more of a question of when. This is extremely good news for anyone who has been wanting to sell off their property.
Tips for Buyers
All this information paints a pretty positive picture for aspiring homeowners. For anyone seeking to take a bite out of Philadelphia’s real estate market, SmartAsset recommends planning for any unforeseen costs in home buying like property tax. They also recommend consulting with financial advisors to help them navigate their financial capacity to make wise purchasing decisions. For anyone planning to buy a home in the future, they suggest that you amass your funds and wait for the perfect market to strike.
Philadelphia’s housing market will continue to garner interest in the coming months. For all aspiring homeowners, it will always pay to keep abreast of all new factors that may drive housing prices up or down. For now, Philly will certainly bask in the glow of being named one of the best for first-time buyers.
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