Pennsylvania Real Estate Trends
You are living in the Pennsylvania area and trying to find a nice home for you and the kids. As a single mother your budget is tight, but you still want something nice that you and the kids can enjoy. This is the kids first home, so it has to have character and it needs to be special. What kind of home should it be? For one thing it needs to have a large back yard for the kids to play. It needs to be a three bedroom so that everyone can have their own room. And if possible an extra bedroom for when grandma wants to visit. You want a large kitchen so that you can make your special recipes that the whole family loves. And a great play area on the inside for those rainy days. It needs to be within budget so that you don't feel overly stressed about the mortgage or rent each month. It seems like so much to ask, so you need a great real estate agent and you also need to do your homework on Pennsylvania real estate statistics, buying vs renting and interest rates for homes in Pennsylvania.  |
Pennsylvania real estate statistics show that homes in the Pennsylvania area varies according to the area of where you are looking to live. In Philadephia, for example, the median home price is $155,000 or $156 per square area. This was an increase of 2.5% from last year. The number of home sales decreased by 38% from last year. The average list price of the home in Philadephia, Pennsylvania is just over $241,000. This was an increase of 0.07%. Depending on where you will live in Philadelphia, home prices can vary from $135,000 to over $600,000.
As a single mother with two young kids, you have dreams of owning a home in the Pennsylvania area. But because your budget is so tight and your credit is not what it should be, you may have to rent an apartment or a townhome. You try and do research over what is best for you, buying vs renting. If you buy something then ownerhip is having your dreams come true. But, with a mortgage, you are expected to pay for something if it gets broken. You will pay when you need a new roof, or if the stove gets broken. You are also responsible for the landscaping of your yard. Everything that needs fixing is now your responsibility. There is a sacrifice of sticking to the budget, because there is little room for error when you own your own home. You must now determine what your mortgage payment will be and allow for an emergency fund when something unexpected happens. Renting gives you a little room, because there is a landlord who will fix things when they get broken. But which is best for you is the biggest and most important question that you need to answer for you and your kids. Entering into a contract means serious business. A contract will depend upon your financial picture. It will also depend upon your credit. There is a minimum score in each state, that all three, Experian, Equifax and Transunion credit reports must have in order to buy a home. For many single parents who don't have a high enough credit score to buy a home, the only choice becomes to rent or lease to own.
You are now looking at Pennsylvania housing interest rates. Depending upon the bank mortage rates in Pennsylvania, a thirty year rate ranges from 3.8% to 4.7%, a fifteen year mortgage rate ranges from 2.9% to 4.0%, a twenty year mortgage rate ranges from 3.6% to 3.9%, a 5/1 arm mortgage rate ranges from 2.7% to 3.0%, and a 7/1arm mortgage rate ranges from 2.97% to 3.2%. Whatever your choice, make sure and do your homework and get with a knowledgeable real estate agent, who will help you in deciding what is best for you. And remember to ask the right questions, so that you and your kids can be comfortable in the American dream of buying or renting your own place.
