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A lot of my clients have been asking whether we're in a buyer's or a seller's market. The answer to this is that we're actually in a rather balanced market, and you'll find that if a home is priced correctly it will sell quickly. Not only are most homes that are priced right selling quickly, they are also receiving multiple offers.
As we head into the spring market, we're finding that inventory levels are still low, and when you couple this with ridiculously low interest rates (3.75%), it makes buying a home very appealing. Most buyers will find that they can pay less in a mortgage than what they pay for rent.
Other good news for buyers is that the FHA recently lowered the PMI payment rate. If you put less than 20% down on a home, you're forced to pay insurance to the lender in case you default on the loan. The drop in premiums for mortgage insurance will boost your buying power even further, allowing you to purchase homes that you would not have been able to before. This reduction can save you $60 per month, and nearly thousands of dollars over the life of your loan.
If you need any assistance buying or selling a home in Philadelphia, please don't hesitate to contact me. Market conditions are absolutely perfect for buyers right now.