How PA’s economy is keeping the real estate market strong

We’ve been arguing for months that the Philadelphia market is stronger than the press makes you believe. We were able to prove it in our market report where prices held (and even went up in certain neighborhoods)…

So we were glad to see some good news come from people other than ourselves. TIME Magazine wrote a good article about how buyers can save money by buying now and Philadelphia Magazine reiterated all of the arguments we’ve been saying here and to our clients in their most recent issue.

Earlier this month we learned of some additional good news when USA Today published numbers on the economy. it showed that while many states are in recession, Pennsylvania and Philadelphia in particular are in full Expansion. Additionally, they reveal that state wide real estate is up 2.8%.

These are all good signs for real estate. A strong economy means more buyers, fewer foreclosures, and strong market pressure to drive real estate prices higher. Houses are staying on the market for less time. If you are looking to buy, take advantage of the low interest rates and buy now!

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Posted by Noah Ostroff on March 28th, 2008
Filed under: Philadelphia real estate
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