All Forum Posts by: Yuriy Skripnichenko

Hi all, 

New report from Bright. 

Philadelphia | January 2023
Housing market activity slowed to its lowest level in eight years in the Philadelphia metro area. In December, there was a total of 3,909 new pending sales in the region, which was down 32.6% compared to a year ago, nearly 2,000 fewer new contracts. Rising mortgage rates have led to significant pullbacks in buyer activity. Many buyers who have paused their home search during the winter holidays may resume looking in 2023. Inventory in the region is still fairly limited. While the number of active listings increased by 23.6% year-over-year, supply fell by 15.7% compared to October. Furthermore, inventory is still less than half of what it was three years ago. New listing activity continues to be low. In December, a total of 3,922 new listings came onto the market in the Philadelphia metro area, the lowest number of monthly new listings in more than two decades.
Home Demand Index

Demand for homes in the Philadelphia Metro area was Limited in December according to the Bright MLS | T3 Home Demand Index. The Index fell 25 percent over the month and was 17.4 percent lower than one year earlier.
Demand for each type of home fell in December. The largest decreases were in the single-family and townhouse segments, each falling more than 20 percent over the month. Buyer interest was strongest for higher-priced single-family homes and higher-priced condos although demand was in the Slow category. Demand in all other segments was Limited. The months supply of higher-priced condos rose in December but fell among all other segments. The months supply ranged from 1.6 months for mid-priced single-family homes to 9.3 months for higher-priced condos.

Cheers, 

Yuriy 

@Chris Lin

You have to renew the license no matter who lives in the property. There is special owner occupied duplex license that you can get. This way you will make sure that the use of the property won't change. If you do not renew the license the city won't guarantee the use and can downgrade it to SF. We had clients with this issue and it is not something that you want to deal with later. Much easier to stay up to date with you license. 

Cheers, 

Yuriy 

@Mikielle Elum

Feel free to reach out. I'd be glad to chat about your needs and see if we can help you with your property management. 

Cheers, 

Yuriy

@Jennifer T.

Feel free to reach out. I'd be glad to discuss how we can help you. 

@Eric Greenberg and @Rich O'Neill thank you for the tag! 

Cheers, 

Yuriy 

@Ravi Chhabra

Not all Frankford and nor all 19124 code is a D area. There are plenty of decent areas in 19124. I'm sorry to hear that happened to your property. And unfortunately, the realty in Philadelphia is that if you call cops, it doesn't mean that they will help you get out "tenants" that broke in the property. We see this happen more often in 19132 and 19134 areas. Philadelphia is a very tenant friendly city, and you need to make sure that you know all in and out for city ordinances and regulations before acting. We recently had a renovated property in 19132 that we rented to a good tenant, we made a move in condition report for the tenant 2 days prior the move-in date. The tenant came 2 days later to move in and found that someone is already living in the property. The cops wouldn't do anything and the only way for us to get rid of squatters is to go through court or have cash for keys. The owner is out of rent payments for month, the property needs to be rehabbed again. You just need to understand risks and rewards as other people mentioned in the posts above.

I personally own a few properties in 19124, we manage over 50 units in Frankford and our office is in 19124 as well. Most of the properties stay 95% occupied and we have decent tenants in the area. I've been successfully managing properties in Frankford for over 10 years. However, there are parts of Frankford that we wouldn't manage, and I wouldn't buy in. City of Philadelphia is block by block and you need to know what and where you're buying. Feel free to DM me with your property address and I can give you more info on it.

I hope no matter if you decide to sell or hold on to your property you will be able to get over this hurtle and come back with a package of experience for your future investments. 

Cheers, 

Yuriy

Hi all, new report from Bright. 

Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.

The Bright MLS | T3 Home Demand Index for the Philadelphia Metro area decreased 10.3 percent in October. The Index, at 87, reflected a Slow pace of demand, down from a Steady pace in September. Compared with one year earlier, the Index was 21.6 percent lower.
Buyer interest in all types of homes decreased over the month. While demand for lower-priced single-family homes was down only slightly, the Index was between 10 percent and 14 percent lower among the remaining segments. Buyer interest was strongest for higher-priced single-family homes, which remained in the High range in October. The months supply rose for each type of home except higher-priced condos. The inventory of homes ranged from a 1.7 months supply for mid-priced single-family homes to a six-month supply for higher-priced condos.

Cheers,

Yuriy

TrustArt Realty is a locally owned property management company with vast knowledge and experience in the Philadelphia market. Proud NARPM Member (National Association of Residential Property Managers). Named Best Property Management Company in Philadelphia in 2022 by Expertise.com and by Industry Oversight Report in 2021!

We operate a full-service real estate management company that provides professional property management and real estate brokerage services.

We take on all the stress of property management so you can enjoy on truly passive income.

We provide owner's guarantees as:


- Tenant Placement Guarantee - if we place a tenant and they break the lease during first 12 month we will re-lease the unit for free.

- Eviction Guarantee – if we place a tenant and need to file for eviction during first 12 month of tenancy we will re-lease the unit for free.

- Rent Deposit Guarantee – we know you want your money fast! So we ACH deposit your funds into your bank account.


- Management Fee Guarantee – we do not charge management fee while your property is vacant and collect the management fee only when we collect rent.


- Leasing Fee Guarantee – you do not pay leasing fee until we have lease signed and money received from the tenant.

- Satisfaction Guarantee – if you are not satisfied with our services we will not charge any contract termination fees.

We do this and much more.


Call us to discuss 267-214-5509

Watch this short video about What do you need to know about Philadelphia zoning? 

https://trustartrealty.com/wha...

@Lindsay Schubert

There are quite a few different investors meetings on the island. Check https://www.biggerpockets.com/...

And talk to @Kathryn Morea 

Cheers, 

Yuriy

@David Chen

Feel free to DM. We are local PM company specializing in Philadelphia property management, working with investors. Be happy to help. 

Cheers, 

Yuriy  

@Jesse Harr

We manage properties in Philadelphia proper. Do not go out of the city limits. Feel free to reach out. 

@Rich O'Neill thank you for the tag. 

Cheers, 

Yuriy