Phila. region going gaga over real estate, survey says - Metro US

Phila. region going gaga over real estate, survey says

PHILADELPHIA. The federal tax credit for homebuyers has expired, but nearly 8 out of 10 people in the region say conditions are still favorable for buyers, according to a recent survey from Prudential Fox & Roach Realtors.

The online survey included 690 people looking to buy or sell a home in the Philadelphia area last month. Seventy-seven percent of respondents say now is a good time to buy, while 6.5 percent say it’s a good time to sell.

Experts say the number one reason is because mortgage interest rates are near record lows around 5 percent.

“That may help the market to be a little bit better than we had hoped for all of 2010,” said Steve Storti, senior vice president of marketing for Prudential, Fox & Roach Realtors.

Even without the tax credits, which expired April 30, experts expect sales for the second half of this year to outpace the same period in 2009.

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