There is good news for first-time home buyers in thePhiladelphia area. Realtor.com recently ranked Philadelphia as one of the Top 10 Markets for First-Time Home Buying. Along with other cities on the list such as Dallas, Phoenix and Orlando, Realtor.com ranked Philadelphia as #4 on the first-time home buyer list.
Philadelphia has tons of great qualities, attractions and neighborhoods, so it is no surprise that our area ranked on this list. Realtor.com also provided five key factors that played into their choosing of the top 10 cities for first-time home buying.
1. Location: This is a huge, decision-making factor when it comes to purchasing your first home. Philly has so many great neighborhoods, each with its own personality.
2. Affordable Prices: In Philadelphia, buyers can find their dream home in the big city without paying a ridiculous purchase price.
3. Supply of Inventory: This factor helps to prevent first-time home buyers from losing bids to investors and seasoned buyers.
4. Reasonable time on market: If a property has been sitting on the market for an extended period of time, sellers will be compelled to adjust the price.
5. Steady employment: New buyers need to have steady jobs in order to be approved for a mortgage.
Article: Report Names Top 10 Markets for First-Time Home Buyers for 2014 Home Buying Season
Courtesy of Realtor.com