Would you describe Philadelphia's market as a buyers market, sellers market, or balanced market?

Asked by Trulia Philadelphia, Philadelphia, PA Sat Mar 23, 2013

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Dmytro V. Bova’s answer
Dmytro V. Bo…, Other Pro, Havertown, PA
Sat Mar 23, 2013
I would say its fast being z balanced market. Still more seller's market for owner occupied properties.
And a huge most vibrant opportunity filled with multiple opportunities when it comes to investment properties.
Please feel free to call me to discuss further.
Sincerely,
Dmytro v Bova
Realty Mark The Diamond Group-sales
Main Line Investors Group - Property Management
610-348-8389
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Ryan Garrity, Agent, Philadelphia, PA
Sun Mar 24, 2013
BEST ANSWER
The past few years have definitely been considered a buyer's market. There have been a lot of desperate sellers due to the economic downturn resulting in lots of inventory on the market. The recession also limited the number of qualified buyers (higher unemployment rate, stricter lending regulations, etc.). It's really been a simple case of supply and demand in that supply was up, demand was low, therefore prices are down making it advantageous for buyers.

However, more recently, we've been transitioning into a more balanced market. We've seen signs of economic improvement, inventory levels are beginning to shrink, and more qualified buyers are starting their home search. Again, another case of supply and demand in that demand is increasing and supply is slowly decreasing.

I wouldn't say we've hit a seller's market yet, but if the trends continue we may get there in the next few years.

Best,

Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103
215-829-8850 x208
215-514-9424 (cell)
ryan@usspaces.com
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Timothy Garr…, Agent, Philadelphia, PA
Mon Mar 25, 2013
I completely agree with Ryan.

Philadelphia's buyers still run the show, for the most part; but I am slowly starting to see it go the other way. Homes that are in good condition and are priced properly, are moving fairly quick.

Real estate is all about cycles, and it's only a matter of time until sellers start dictating the market once again.

Regards,
Tim

Timothy M. Garrity | REALTOR®, ABR®, e-PRO®
U S Spaces, Inc. | 2043 Locust St. 1F, Philadelphia, PA 19103
Licensed Real Estate Salesperson, PA | #RS314897
267-879-2716 - Call & Text
215-829-8850 - Office
PhillyUrbanLiving@gmail.com
PhillyUrbanLiving.com
Web Reference:  http://timothygarrity.com
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