Many families who poured hard-earned money into renovating their homes, are now facing the harsh reality of drastically declining home values. Expert Matt Russo estimated that real estate value has dropped 18-22% in areas all around the Delaware Valley, especially in the suburbs and valleys.
So what can you do, besides wait for the economy to bounce back? Experts say if you’re trying to sell your home there are a few helpful steps to consider: consult a realtor, get an appraisal before you list, stage your home, and ask your realtor about programs to avoid foreclosure in case you lose your job.
And for those on the fence about buying a home: low-mortgage rates, the First-time Homebuyer Tax Credit, and the Philadelphia Tax Abatement Program all make this a GREAT time to buy.
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