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Philly Bucking the Trend in the Housing Market

<a href=”http://cbs3.com/bios/local_bio_051194008″>Robin Mackintosh</a>Reporting<br />(CBS 3) PHILADELPHIA<br /><br />The Philadelphia area appears to be bucking the national downward spiral trend in the housing market.<br /><br />The sound of Philadelphia’s real estate market seems to be on the move. From Rittenhouse Square to University City and to the riverfronts.Experts are saying Philadelphia is not following the national headlines that proclaim housing is going from bad to worse.<br /><br />”The best locations in any market still will hold their value while the peripheral locations will suffer the most,” Realtor Allan Domb said.Few know the Philadelphia condominium market better than Domb, who sells hundreds a year and from the newest at 22 Front, he likes what he sees.”If you’re not under the gun and you don’t need to sell, clearly if you’re in Center City, this is only going to get better,” Domb explained.Domb acknowledges the red hot real estate of two years ago has cooled but said there is an upside.”<br /><br />Buyers today, this is a great opportunity, this is probably one of the best buying opportunities we have seen in the last five years,” Domb said.”What’s happening nationally is not necessarily what’s happening locally,”<br /><br />Realtor Heather Petrone said.Petrone is president of the Greater Philadelphia Association of Realtors. Petrone said the sub-prime loan crisis elsewhere is not an issue in the Philadelphia area.”A lot of buyers and sellers that I have had have used conventional, not necessarily sub-prime, not necessarily interest-only loans, I have not seen a lot here,” Petrone explained.<br /><br />Experts recommend making sure you sell your home before purchasing another residence.

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