Center City Homes Blog

Condos In 19147

Hawthorne Lofts is the 5^th

4 Condo Buildings in the 19147 zip code that are currently FHA approved.

If you have any questions or were wondering about FHA approval, just send me an email at Zach@CenterCity.com and let’s discuss some possibilities.

Center City Philadelphia Real Estate Market on the Rise

      The economy is slowly coming back and right in front of it is the Philadelphia Real Estate market.  With an increase in sales, and properties moving quicker, the Center City Real Estate market is looking promising for everyone.

       In every market there is a direct correlation with sale prices and DOM (Days on Market).  Most of the time, the more overpriced a property, the longer it will sit on the market, and the opposite for the properties priced really well.  We are starting to see the DOM decrease for many Center City Homes.  This is due to a few different aspects such as, the economy on the rise, tax credit, (which has expired) and reasonably priced properties.  I think that people are finally beginning to realize that the poor economy and recession didn’t just affect their home, but it affected everyone’s.  This being said, the prices of homes and condos here in Center City Philadelphia are very competitive, which is driving people and the market forward. 

      With sales up 26% in the month of April as compared to last years April, I think we are doing really well as opposed to other markets in the United States. If you are looking for a home here in Philly or just want some more information on the Center City Real Estate market, drop me an email at Zach@CenterCity.com. 

Zach Skidmore
Prudential Fox & Roach Realtors 
CenterCityHomes.com

True or False?

                                  
      True or False; Checking your own credit will negatively impact your credit score?  FALSE.  It is a common misconception that checking your own credit score is bad.  If you are looking to buy a house and you don’t have perfect credit, it is ok to check your score frequently when you’re trying to clean it up.  People are often confused by this.  The negative impact on your credit score happens from outside institutions pulling your credit score and history often. There is nothing wrong with being on top of your credit score!  If you need information on the Center City Real Estate market or are looking to buy, drop me an email at Zach@CenterCity.com.  I look forward to hearing from you!

Is FHA Right for You?

      FHA, or The Federal Housing Administration is a program that originated in 1934 and is designed to help promote home ownership.  It is a loan that is insured (against default) by the Federal Housing Administration.  Basically, it is protected and ensures that a lender will not have to pay off a loan if the borrower were to default on his or her payments.  
      FHA allows buyers to purchase a home with a much smaller down payment than a conventional loan.  FHA requires a 3.5% down payment as opposed to a conventional loan of 10% or 20%.  To put this easier; The Federal Housing Administration is allowing people that I call “Job Rich, Cash Poor,” to buy a house that they CAN afford but don’t have a huge lump sum of money for the standard down payment.  Generally FHA requires a minimum credit score of about 620 to be approved for a mortgage. 
      Many home buyers here in the Center City Real Estate market are going FHA.  If you are considering buying a house or condo via FHA, drop me an email at Zach@centercity.com and let’s discuss the possibilities for you!  I suppose if you are not buying FHA, you can still email me, I think we might be able to work something out.  Ha