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There are times when a city and the real estate market come together in almost perfect unison with the financial market. This is where the Philadelphia real estate market is today. The Philadelphia real estate news and market information details how with mortgage rates at an all-time low there may never be a better time than now to purchase Philadelphia real estate.

It doesn’t matter if you’re a buyer, seller, or investor, mortgage rates range from 2.8% to 3.9% depending on the type of property and loan you seek. These impressive rates in a city as vibrant as Philadelphia offer up a chance for others to move to Philadelphia. Philadelphia offers you a big city to live in that still retains the finest small-town friendly ambiance.

Read on to learn more about Philadelphia’s real estate news and market information for 2020. There’s never been a better time to experience all that Philadelphia can offer you.

Philadelphia Real Estate News

Philadelphia is shepherding renewed interest in real estate opportunities, in part because many buyers want to take advantage of Philadelphia’s tax abatement program. Any new construction or renovated properties are eligible for tax abatement for ten years at 100%. Property owners who qualify only pay tax on the value of the property before they start the new construction or rehabilitation.

Starting on December 31, 2020, the abatement will start sliding down ten percentage points every year for the next ten years. The tax abatement has been a very popular selling and investment tool in terms of affordability, in the first decade you own a new or rehabilitated property. If you add to the tax abatement equation the COVID 19 impact on the Philadelphia housing market there are even more advantages.

Since the beginning of the COVID 19 pandemic, many New Yorkers now work remotely from home. New York City is still a real estate market that’s challenging to break into with its expensive lots, houses, and properties. In fact, many New Yorkers now call Philadelphia home because they want the property space and price the Philadelphia real estate market offers them.

Philadelphia Commercial Real Estate News

Philadelphia has always been a city of firsts. The Coronavirus has impacted the retail, restaurant, and hotel industries in real estate. The economic impact on commercial real estate is not perceived as a major negative threat to Philadelphia’s economy. Philadelphia is still able to move forward and onward with its Renaissance economic drive.

In truth, most U.S. cities are having far worse commercial real estate economic impact than Philadelphia. Philadelphia’s commercial real estate is experiencing less pain due to its strong healthcare, and professional business services. What it boils down to most of the time is the significant difference in the cost of living between Philadelphia and NYC, Washington, D.C., and Boston.

Young families and professionals are moving into Philadelphia in droves. Corporate entities are also recognizing the benefits and tax advantages. Philadelphia’s growing commercial real estate industry sector allows for more growth and development than many commercial enterprises have now.

Philadelphia Real Estate Advice and News

If you’re involved in Philadelphia real estate in 2020, the one thing you need to be prepared for is absolutely anything. Even without COVID-19, the life of a stellar real estate agent in Philadelphia meant your timetable needed to match up with the needs of your commercial and personal real estate buyers, sellers, and investors. The makeup of the demographics in Philadelphia is diverse, with Philadelphia continuing to grow with considerable real estate investment gains acquired in long-term rentals.

The 2020’s real estate outlook in Philadelphia is projected to keep growing throughout 2020 and into the next decade. One of the most phenomenal benefits offered by the Philadelphia real estate market is an appreciation level that since 2000 has grown over 147%. There is no limit to the buyers and investors that want to become part of that real estate market trend.

Investors are witnessing ROIs over 8% and that’s just inside the Philadelphia city limits. The ROI is much higher if you take into account Philadelphia’s surrounding areas like in Bucks County. Real estate development news across the board report there is no better time than the present to invest personally or commercially in Philadelphia real estate.

West Philadelphia Real Estate News

The greatest impact on the West Philadelphia real estate market is in the healthcare and biomedical industries. Workers in either industry sector are driving up the occupancy, selling, and buying in the West Philly markets. Since the debt market is controlling the value and the veracity of these real estate sectors, there is a growing concern that one of the options left is in bridge loans.

Two sectors within the real estate industry holding up the Philadelphia real estate marketplace are in the multifamily and biomedical sector.

Philadelphia Real Estate Trends Can Benefit You Today

Now that you know the housing and commercial Philadelphia real estate news today as well as the projected trends for tomorrow reach out to Tri-County Team 2000 today. The Tri-County Team offers you stellar experience, real estate expertise, and esteemed knowledge of the Philadelphia and Buck County real estate information of today. Tri-County Team understands COVID-19 may be bringing uncertainty in many areas of our lives and in our day-to-day tasks.

But in Philadelphia, there is a light at the end of the tunnel. If you’re interested in exploring the Philadelphia real estate market, reach out to the Tri-County Team 2000 today. It doesn’t matter what the real estate sector is you want to explore, sell, buy, or invest in.

When you’re trying to find the real estate you need for a personal, commercial, or investment project you want to seek a real estate team that has the experience and knowledge you need. Click over to our link online or call us at (215) 431-7970. The Tri-County Team provides you with an unlimited value that adds to your future financial and real estate success.

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