If you currently look at Renting vs. Buying, THIS IS THE RIGHT TIME TO BUY!
It has been a long time since I have seen such a hot rental market in Philadelphia.Â I remember during the last BOOM before the BUBBLE, most other Real Estate Agents wanted nothing to do with rentals or Property Management.Â NOW, everybody is in the rental business.
With the tightening of mortgage loan restrictions and guidelines, many people can no longer qualify to buy.Â Â HomeownersÂ are losing their homes to foreclosure , others walking from upside down mortgages.Â They all need to rent their next home.Â We are becoming a growing Metropolis. Suburbanites, other empty nesters are coming back toÂ "America's Next Great City".Â Â The City of Philadelphia has so much to offer: History (Our Nation's First Capitol), Culture, World Class Arts & Entertainment Venues, Top Restaurants, Theatres, Museums, Parks, etc....These factorsÂ have DRIVEN DEMANDÂ for quality rentals, both houses and apartments THROUGH THE ROOF
in many neighborhoods in various parts of Philadelphia:Center City:
Olde City, Rittenhouse Square, Fitler Square,Â Avenue of the Arts,
Â Washington Square West,Â Society HillSouth Philly:
Avenue of the Arts, Queen Village, Bella Vista, Italian Market, Southwark,
Â Â East Passyunk, Pennsport, Newbold, Girard Estates North Philly:
Â Northern Liberties, Fishtown, Fairmount, Francisville, Temple University
Rents have steadily increased for 3 years straight now.Â It is a Landlord's Market in rentals.
Â Â Â HOWEVER, IN THE PURCHASE MARKET, IT IS STILL A BUYER'S MARKET.
Â If you can qualify to buy, it is much LESS EXPENSIVE TO BUY at this time.
Contact a mortgage broker to get pre-approved.Â This will give you the information you need to know: Your Maximum Purchase Price, MaximumÂ % of that priceÂ that the lender will fund, and how much you will need for closing costs.Â I recommend Edward Dubinsky at Absolute Home Mortgage (215) 808-5353
Â Start interviewing Buyer's Agents. Find one you feel comfortable with, that you can trust to secure your best interests, and is willing to work very hard to help you achieve your goals.Â Â Once you hire a Realtor to work with as your Buyer's AgentÂ you canÂ start shopping dilligently and aggressively. Please feel free to call me, LarryÂ at (267) 254-7994
Â I'd be happy to discuss how I can help you findÂ your home and negotiate aÂ GOOD DEALÂ FOR YOU.
I'd be honored to interview for the job.Â No one will work harder for you and your family.
I look forward to hearing many stories from Tenants that are soon to be HOMEOWNERS!!!
GOOD LUCK! HAPPY HOUSE HUNTING!
All the best,Larry Lichtman, CNE
REALTOR, Property ManagerYour Real Estate Resource For Life
Direct CELL (267) 254-7994