Philadelphia, also called Philly, is the 6th largest city in the country and the largest in the state of Pennsylvania. The city has around 1.5 million inhabitants, nearly 6 million agglomeration included.
Historically the first capital of the United States, the city is one of the cradles of the birth of the country. Nevertheless, since the 1950s, the city is experiencing a social crisis as well as economic and demographic troubles.
In the last few years, the city reborn again…
Founder City In The United States
It was in Philadelphia that the First Continental Congress was set; a meeting that brought together almost all the US colonies that signed the Declaration of Independence in July 4, 1776.
The US Constitution was drafted in 1787; yet Philadelphia was established the first capital of the United States in 1789-1799.
The city was also an important cultural center in the eighteenth century, under the leadership of Benjamin Franklin in particular, who founded the prestigious University of Pennsylvania and the American Philosophical Society.
Today, Philadelphia is home to many federal agencies, including the federal government, which employs over 30 000 people.
An Old Industrial City Facing a Boom
In the eighteenth and nineteenth century, Philadelphia was a major industrial city. Agriculture, coal and textiles, metallurgy, papermaking were the city main assets.
It was also known as a pioneer state in the construction of roads and railways.
SPTA (Southeastern Pennsylvania Transportation Authority), founded in 1965, is part of that legacy. Providing bus networks, subways and trains in five counties in the region, it is the fifth largest network in the United States and is yet to be now one of the largest employers in the city.
However, like many other industrial cities, since the 50s, when the city had 2 million inhabitants, Philadelphia is experiencing a social crisis, economic and demographic.
Between 1950 and 2000, the city lost more than 480 000 inhabitants and according to the US Census Bureau, in 2006, the rate of people living below the poverty line reached 24.5%, almost twice the average national (13.3%).
In recent years, however, the efforts of rehabilitation and economic revitalization around service activities, become predominant (financial services, telecommunications…) gave a boost to the city. Today, the sectors are the legal, financial, pharmaceutical industries and port activities.
What Makes The Main Line Are Attractive
Main Line is the name given to the western suburban area of the city of Philadelphia in Pennsylvania, which runs northwest from downtown Philadelphia parallel to Lancaster Avenue.
It goes from Bryn Mawr and up to Paoli. It is an area of about 200 square miles west of Philly. To know more about the Main Line, please visit the Wikipedia page.
The Real Estate Market in 2015 in Main Line Pennsylvania
Real estate sales in Main line Pennsylvania remained at a slower pace during December and decreased accessibility related to prices is slowing potential buyers, according to Main Line Home Center and recent reports issued by the local Press. The few house sales have been attributed largely to low inventory for months, but many markets have seen an increase in them as sales continue to fall early January. Several markets across the Main line have had large increases in inventory, however, sales in Philadelphia fell 13.4% from one year to the next, reaching its lowest point in five years in the last two months of 2014, while prices increased by 19.1%.
In 19 local markets across the county, prices rose 13% over last year, while real estate sales fell 10.3%.
What this means to you? Buyers and sellers will have to adjust their expectations. Here are some tips from the experts to help you successfully explore the market:
– Start looking early. “Many first-time buyers could not compete in bidding wars of 2014″. “The advice for novice and experienced buyers is to start looking early to get an idea of what they can actually afford and be patient with inventory hoping that more homeowners begin to list their properties.”
– In hot markets such as the Delaware and Wayne areas, remain calm. “As proof that real estate trend like something local, the greater Philadelphia market seems hopeless at this time, with an inventory that remains extremely low and demand from customers increased by 47% from last year.” “It is advisable to take a step back before making an aggressive bid on any home hits the market, since it is easy to get caught in a bidding war. The inventory will soon begin to rise, because many people with houses to sell are hoping to find something to buy first. ”
– Sell your current home first to make your most competitive offer. “We recommend that the buyers who currently own a house to sell first and then buy it, even if it means living in temporary housing for a few months.” “Neighborhoods with large schools are incredibly competitive and I realize that often waive the restriction for a mortgage to win a bidding war here is required. Having the cash from the sale of your home helps get rid this restriction easier as long as buyers can do it. ”
To know more about the real estate market in Main Line Philadelphia visit http://www.mainlinehomecenter.com/market-reports/!