Rent Real EstatePhiladelphia Housing Inventory Builds Up In Time For Spring Selling
Philadelphia, Pennsylvania has been stabilizing with rising inventories but local Realtors say that is the calm before the storm of spring homebuying.
"Philadelphia, PA is a town that combines culture and affordability," says Realtor Kathleen Chiras. "This city is of course known as the birthplace of American independence and home to the Liberty Bell. In addition to the "art district" there are many other areas of the city that have premier restaurants and galleries, and there are seven state parks surrounding the city. Home prices in the Philadelphia area have leveled out somewhat, with the most competition for homes in the lower price ranges. You will have an advantage in this hot market if you have preselected a good negotiator to be on your side."
Suggests Realtor Carey Daniel, "If you"re looking for a historic mansion or new construction, Philly has it all. The inventory has increased substantially in recent months allowing buyers more time to think about their purchase. This has caused a stabilization of market prices."
"There are quite a few major condo projects happening in Center City and more on the horizon," says Realtor Ray Petralia. "The trend is towards high-end, luxury buildings offering parking and a host of amenities. Prices in general continue to be strong in Center City and the surrounding areas."
Petralia suggests, "I believe that South Philadelphia, and more specifically the neighborhood known as Passyunk Square, is the new hot area in Philadelphia. Basically, this is the neighborhood that has Washington Avenue as the northern boundary and Snyder Avenue as the southern and Broad Street as the western edge to 6th Street in the East. Running diagonally through this square of streets is Passyunk Avenue. There is a revitalization along the avenue, with the arrival of new restaurants and shops. Prices in the area have moved upwards but there are still good buys available. The neighborhood has a lot to offer and the location is very convenient and close to Center City."
"Generally, I think Philadelphia real estate is a bargain when compared to other major cities," he says. "Many New York investors seem to agree and are buying in the area. Philadelphia offers all the things about which larger cities boast, but on a much more manageable scale. Great restaurants, cultural venues, major sports teams, elite educational institutions, and excellent health care facilities help make Philadelphia a fantastic place to live."
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