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• Waiting for the bottom may be a problem if it has already passed. The National Association of REALTORS® (NAR) projects a modest increase in property values in 2009.

• The Philadelphia-area economy continues to display strength as related to employment statistics, while also not saddled with significant foreclosure problems.

NOW IS A GOOD TIME TO BUY A HOME

NEW INCENTIVES ARE IN PLACE TO HELP STRENGTHEN MARKET CONDITIONS

• The new homebuyer tax credit contained in the Housing and Economic Recovery Act of 2008 is a real incentive for new homeowners.

NAR projects that about 2.5 million first-time buyers will enter the market nationwide between now and the middle of next year.

• The recent Emergency Economic Stability Act will help to improve credit markets which, NAR forecasts, will result in increases to home prices in 2009.

• A modest recovery for existing-home sales is expected later in 2009. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements.

• Rates are hovering near 40-year lows and are lower than they were in 2000.

• Contrary to perceptions, conventional mortgages are widely available at favorable interest rates for the bulk of homebuyers.

• For current homeowners looking to upgrade, low interest rates coupled with recent corrections with prices provide an opportunity to take advantage of market conditions.

• Recent surveys show that 9 out of 10 consumers consider homeownership to be a sound financial decision.

• Given the leverage in purchasing a home, the average return on a 5% down payment over 10 years is usually three to five times greater than the stock market.

• If you bought a house six years ago, it would be worth 32% more in Chester County, 49% more in Montgomery County, and 74% more in Delaware County.

• Homeownership and stable housing go hand-in-hand, meaning that homeowners move far less frequently than renters; thus, helping to strengthen social ties with neighbors and build long-term relationships within communities.

• Studies show that stable housing boosts the education performance of children, induces higher participation in civic and volunteering activities, improves healthcare outcomes, lowers crime rates and lessens welfare dependency.

• Owning a home embodies the promise of individual autonomy and is the aspiration of most American households.

INFO COURTESY OF THE SUBURBAN WEST REALTORS ASSOCIATION