Where Investors In The Northeast Reduce Their Buying, First Time Buyers Fill The Void

Since the housing market bubble burst in 2007-2008, it has been investors who have been making the bulk of the buying activity in the housing market. In recent months, though, their frenzied purchasing has waned somewhat. However, in their place have stepped first time buyers, who have become much more active in their purchasing.

Philly.com reports:

Northeast Philadelphia has had its ups and downs since the housing bubble burst in August 2007.

In the five or so years before the bust, the fortunes of that market had been determined by investors – many from New York, and primarily paying cash – bidding the price of houses up and out of reach of first-time buyers.

The investors were interested in rentals, not flipping for buyers, and there were, as it turned out, many more than the market could bear.

Fast-forward to 2015′s second-quarter market.

“I’m finding that a good number of my clients are single mothers who are purchasing their first home, with a majority of them taking advantage of first-time home-buyer grants that are available,” McCann said.

“These programs have sales through the roof in 2015,” especially in the Northeast, she said.

If you are a first-time city buyer and want to know about this grant program, do not call me. The program is administered by the city’s Office of Housing and Community Development, which also offers settlement assistance to qualified individuals. Information is available here.

>> read the full article at philly.com

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