Staff
The USA has been gripped by housing market madness and Philly is right at the heart of it. Philly Mag notes that homes in the city are selling faster and at record prices, and that there’s little sign of the market letting up. What’s more, new commercial developments are flying up across the city and its suburbs, providing further opportunities for property investors and the public to get involved. For the average Philly resident, these can be intimidating times on the property market – but there is a way forward.
Staying ahead
Steady mortgage increases are the first thing to note in the market. The Philadelphia Inquirer notes that, while mortgage rates fell at the end of 2020 and stayed low for a long period, they are now edging up. In 2022, they’re predicted to reach 3.5% by the time the year is out. That’s still a historical low, but will see most people pay $100 more a month on their mortgage. If you want to refinance or buy new, be aware of these changes. Mortgage lending authority The Home Loan Expert recommends making extensive use of online tools, such as calculators, to find your base.
Picking the neighborhood
Inflation isn’t even across the city, and it’s not even the case that less desirable neighborhoods are taking all of the affordable housing. Even then, WHYY (PBS/NPR) highlights the inclusive zoning bill which will force developers in poorer neighborhoods to build affordable housing as part of their plans for redevelopment – combating gentrification while creating new opportunities. Keep your eye out for a bargain, and you’ll likely get an up-and-coming neighborhood with it.
New developments
There’s good news on the horizon for young professionals and families alike. Philly Mag has highlighted the development of properties such as Broadridge, Poplar and LVL North that are all set to open their doors in short order. These will provide multi-use housing in new locations and with commercial opportunities to boot – perfect for the raft of new business owners currently operating out of their spare bedrooms.
Philadelphia remains affordable despite the housing price boom, and it remains cool to boot. The city has a lot to offer both singles and families, and has a lot of ground to offer when it comes to developing property and a business. Get involved – getting ahead of the market now may be the best decision many will make.