How's the the medium-price condo market in Philadelphia right now? Are we at the bottom yet? Or the price will go down furthur in this gloomy

Asked by G C., Philadelphia, PA Sat Aug 27, 2011

economy? Is it a good time for home buying or shall I keep liquid asset ?

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Julie Kimmel, Agent, Philadelphia, PA
Sat Sep 10, 2011
There is a lot of opportunity here in the city for buyers, when you combine the low interest rates, level of inventory, with the tax benefits of purchasing a primary residence, it would be hard to justify paying rent!

Your first priority should be to enlist the help of the right agent who can spot a good deal and knows the purchase and rental values in the area.
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Jessica Holt…, Agent, Moorestown, NJ
Wed Aug 31, 2011
Depends on what types of properties you are looking for. Since there has been a ton on the market for awhile, you can get a really good deal. Also, since mortgage rates are around 4%, you as the buyer are almost getting a 10-20% discount if you think about it. I can put you in touch with an awesome agent in Phila if you need someone. Lots of good foreclosures etc out there. Inbox me,
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Benjamin R.…, Agent, Philadelphia, PA
Wed Aug 31, 2011

Like Bruce said, that is a difficult question to answer as a whole. But what makes it most difficult is to answer for the entire city of Philadelphia.

Real estate in many ways is very local. So what is going on in your neighborhood? Are prices continuing to drop? Is your neighborhood on the decline? Is your neighborhood association active in improving the neighborhood? Are homes being renovated or built in your area?

I think those questions will help you arrive at a more definitive conclusion.

Hope that helps. Let me know if I can be of anymore help.

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Bruce Lang, Agent, Philadelphia, PA
Sun Aug 28, 2011
i think its tough to make that call. its also in my opinion different in different parts of the city. waterfront square has started to stabelize/small price increases. other developments are seeing similar trends...even in hard hit developments like victory and riverwest where people 99% of the time must pay cash, prices are slightly rising. if you arre considering buying with financing, then ownership costs are OFTEN (not always) less than renting. good luck ....
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