Home Buying in Philadelphia>Question Details

Kathleen Pap…, Home Buyer in Philadelphia, PA

Should I buy now or wait for more foreclosures to flood the market? (philadelphia)

Asked by Kathleen Pappalardo Murray, Philadelphia, PA Fri Dec 12, 2008

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There will only be one way for you to know if the foreclosure market has been saturated....that will be the day that FEWER come on the market.

Kathleen, there is never any way to know that until it passes. It is just like saying "I want to wait until the prices hit bottom". The only way we know when that day is, is the day they start to go back up. See what happens? You miss it.

Here is what is important about buying real estate:

1. If it is for your personal use it should be in a neighborhood that you like, and in condition that you are accepting. In this market you'll want to get the best deal possible and that will evolve by working with a realtor who clearly understands the market and values.

2. If it is for investment purposes, it should be in an area where you will find appreciation or at least get a decent cash flow. Something that is easy to rent and would be appealing to a tenant to stay. Every time a tenant leaves it costs you more money to re-do.

I recently had a call from someone who lost a home because the realtor told her NOT to offer full price. She lost the home to someone who DID offer FULL PRICE. You see, it is important for you to know you are working with someone who understands this market and who has worked through other similar markets. When you are ready, call or email me. I have the realtor and appraiser experience to help you achieve your goals.

Carol Murray Cei
ReMax Millennium
215-649-1720
215-643-9661
carolcei@remax.net
0 votes Thank Flag Link Fri Dec 12, 2008
Good Afternoon Kathleen,

First I would like to ask a question to answer your question. What is "your" primary goal?
If you are waiting to hopefully get that "deal of a lifetime", so are others. The market right now is in favor of buyers, and there are some on the fence and some buying. Interest rates are low and the federal government is trying to revive the real estate market. Another question, what are you waiting for?

There will always be properties going to foreclosure, and also take into account that the Philadelphia Sheriff's Department, and Banks, is also allowing homeowners time to hopefully work out a deal. Will there be a flood of foreclosures? We do not know, we can not predict the future.

If you are looking to buy under market there are over 9,000 active properties available in Philadelphia alone. It is just a matter of "Make an Offer."

Peter
0 votes Thank Flag Link Fri Dec 12, 2008
Hello Kathleen,

I would like to ask you if you are looking specifically for a foreclosure and if so, why? Also, do you know whats involved with a foreclosure property?

It is my professional opinion that if you are looking to buy a home to live in, now is the time. Nobody knows what is to come but we all know what is currently. Prices are fantastic, rates are wonderful and there are so many homes to choose from.

I work with both foreclosures and residential homes. If you would like to know much more about foreclosure homes, I would love to tell you all about them.

Feel free to contact me any time.

Renee Porsia
Associate Broker
RE/MAX ACTION REALTY
(215) 669-0589 Direct
(215) 358-1100 Ask for Renee
http://www.reneeporsia.com
0 votes Thank Flag Link Fri Dec 12, 2008
Buy now, rates are so low!
0 votes Thank Flag Link Fri Dec 12, 2008
There will always be foreclosure, sheriff sale and regulare properties for sale. If you wait, you may miss out on a nice home. Be aware that the interest rates are about as low as they will get.

If you are going to purchase a property to fix up and sell, then you must do that within a six to eight week time span. This way the market forces will not affect you asking price too much. If you are buying the home to live in, then this is a great time to invest in a property as long as you are moving into a larger home. If you moving into a smaller home, you may wish to wait until market prices increase.

If you need any further assistance, please give me a call.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
267.614.1494
0 votes Thank Flag Link Fri Dec 12, 2008
If you can wait then wait.
0 votes Thank Flag Link Fri Dec 12, 2008
If you buy for owner occupy, this is a great time to start looking for a house this year end and start making offer after Christmas!
0 votes Thank Flag Link Fri Dec 12, 2008
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