Homebuying Tips for 2022
Crossland Title, Inc
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 36 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
Every Local Market is Different
The reality is that local markets don’t always follow national trends. The suburbs were especially hot during COVID-19 as homebuyers looked for ways out of crowded cities and more room to work in. The condo market and overall city markets softened in certain areas.
In Philadelphia, two popular neighborhoods close to Center City saw price depreciation over the past year.
Spring Garden is down -17% YoY (year over year)
Washington Square West is down -25% YoY
This compares to an appreciation rate of +12% for overall Philadelphia. Also, +57%, +47%, + 44% for the Philly suburbs of Ambler, Jenkintown and Swarthmore. Most of the recently sold homes in Spring Garden and WSW are condos and apartment units. Most of the homes sold in the suburbs were single-family homes. (data source: Redfin)
This isn’t to say that all single-family homes are appreciating rapidly. What you need to keep in mind is that every local market is unique. What your friends’, coworkers’ and neighbors’ experiences have been with the housing market may not line up with your own.
Two families can look for homes in the same city but come away with completely different home-buying experiences depending on the neighborhood they’re looking in, the budget they’re working with, and more. Always consult with a Realtor to get the best sense of what’s actually happening in the area you want to live.