Consumers that are bombarded by negative media coverage of the real estate nationally may be missing the boat by not moving forward to buy real estate in the Philadelphia market.
Philadelphia's neighborhoods have perhaps the most efficient housing stock in the nation. The Philadelphia Row house. Though older housing stock, the Philadelphia row house has 2 to 4 bedrooms (mostly three) either one or two full baths, and if the house is less then 60 years old, probably a powder room. If the property is less then 65 years old, there is probably a built in garage.
With low interest rates, and a 9 month supply of real estate on the market prices are good, mortgage rates are affordable, and the opportunities are ripe for buyers, because the basic reasons for buying property are unchanged in our marketplace.
Buyers who purchase a home for their family, will satisfy a need, pay less then it would cost to rent the same property, and will build equity and security, both emotional and financial over the long term (5 to 7 years). This is a hearkening back to the "old" real estate market (pre-2001) where generation after generation of Philadelphians bought a row home, which they later traded for a Semi-detached home, and perhaps, eventually for a single home in the suburbs. We're not even talking about appreciation here, and we don't need to for an individual or a family to receive the benefits of home ownership.
For investors, the row House offers a positive cash flow with as little as 10% down. And even if the property were only to break even each month, over a period of years, your tenant will pay down your loan, and leave you with an asset that can be used to pay for a child's college education, or to help with a wedding, or retirement. In any case, real estate as a long term investment still beats the pants off of everything else , and that with a minimum of risk.
Check out the details for yourself. Everyone has different needs, but there's a lot of opportunity out there, and the time to take advantage of it is now!