Friday, December 12, 2008

Philadelphia's Housing Market OMG I'm their Expert!

The City of PhiladelphiaImage via WikipediaLike everyone, I spend part of my day at the computer, reading news, looking at my emails, and deciding which of them to read.

Since I subscribe to a number of publications on-line, I have to pick and choose the ones that get my attention first. SO this morning, as I was reviewing that I looked at my RealtyTimes headlines to see a headline reading, "Hot Market: City of Brotherly Love Grows Jobs". Obviously, as the CEO of Philadelphia's largest Century 21 firm, this is news I can use, so I jump right on the link and start reading the article, figuring that here is additional information for our agents to share with potential buyers.

As I read the article the second paragraph jumps out at me;
Blogger and real estate broker Bill Lublin says, "In Philadelphia, our real estate market has seen some decline in the number of homes sold through the MLS this year, but a remarkable stability in price. Combined with the affordable interest rates available to buyers to day, our city is poised (according to Smart Money Magazine) for a housing recovery."

I'm crushed! How do I quote myself to my agents? But the article goes on the retrieve its value by quoting a Philadelphia Business Journal article quoting a Brookings Institution study. entitled "Recent Immigration to Philadelphia: Regional Change in a Re-Emerging Gateway". Gateway cities are defined as cities where there are substantial immigrant popultions, and this study showed that This article showed that there has been tremendous growth in immigrant population, providing data showing that 75 percent of Philadelphia's labor growth over the past 8 years came from our immigrant population.

The article went on to note that Philadelphia's job growth was the 6th largest in the country, and that our prices were relatively flat , with little decline since last year, bucking the national trend and providing additional security for Philadelphia area home buyers.

So in the final analysis,even if I am the expert they quoted, , the good news they reported had solid and substantial roots in common sense for Philadelphia's home buyers. What a relief!

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5 comments:

Ginger Wilcox said...

Of course they quoted you. You ARE the expert!

Bill Lublin said...

If the The Blonde Bombshell of the Bay are is reading the Blog, I must be an expert!

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Robert Luna said...

I agree with Ginger of course they did because you always write great post with great information.

donald said...

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