Timing the Philadelphia Housing Market

You want to buy a home but are scared to take the plunge in a crumbling market?

Trying to time the housing market is about as risky as trying to time the stock market.  So if your aim by holding off is to try to get the best deal by buying just as prices have hit their low, that may be unrealistic.

 
Even assuming you can figure out the ideal time to buy - that is, when prices have hit not only hit a trough but are on the verge of rebounding - by the time you find the house you want, line up the financing and close the deal, the "best" time may have already passed.

And given the huge inventory of homes already for sale plus the ones likely to come into the market as more homeowners default on their mortgages and go into foreclosure, prices are forecast to tumble another 6 percent or so in 2008.

Just remember one key thing… the national housing market is really a collection of many local markets, and the prospects can vary considerably from one locale to the next, depending on such factors as how hot the market got, the local employment picture and the volume of inventory and potential foreclosures.

The kind of opportunity for buying a home at a good price doesn't come around very often in the housing market.  So now may be your best shot.  Do your research and make the most of it.  Contact us if you want to know more about specifics of the Philadelphia real estate market.