So no, the Philly housing market isn’t as bleak as it could be — R.I.P., Miami — and for that, we are grateful. But relativism only goes so far when the reality is that median house prices continued to decline in 2008, and will decline, says Moody’s Economy.com senior economist Ryan Sweet, “as rising joblessness and reduction in the availability of credit hurts sales.” But, he says, there is light at the end of the tunnel (even if it won’t begin to shine until sometime in 2010) — and we’ve got ways to weather the storm until we get there. Here, your guide to navigating a treacherous market, and even a few tips for making the most of the morass.
The 2009 Real Estate Survival Guide
How to sell faster, buy cheaper, save tons on taxes and come out a winner in Philly’s precarious market. Plus: Our annual (and even more in-depth!) look at how your neighborhood ranks
By Carrie Denny, Zach Falk, Lauren McCutcheon, Allison Stadd and Janine White; chart research by Timothy Haas
Originally published in Philadelphia Magazine, March 2009