There is currently a real estate boom taking place in Philadelphia . The city being one of the largest and most populous cities in the US, real estate options too in the city are galore. A wide variety of real estate options are available, ranging from high rises, condos and townhouses to 5 bedroom flats, colonial homes, multi family duplexes and apartment buildings to commercial property. There is a wide range of real estate agents in Philadelphia to select from, but as is the case in the US, there is the trend of buying new homes on mortgage. Real estate commissions of 5% and 7% are applicable in all parts of the US; however, commissions may be higher for raw and commercial properties. Real estate prices soar the highest during the summers and spring because the condition of houses are then at their best. Prices however, fall down, during fall and in the winters. Real estate agents are of 3 types and the customer must make a wise selection among the following 3 types:
- Seller's Agents: They represent the seller
- Buyer's Agents: They represent the buyer
- Dual Agents: They represent both the buyer and the seller.
Mortgage for real estate are available in various categories:
- 30 Year Fixed Rate- charges 5.81% interest rate.
- 15 Year Fixed Rate- charges 5.54% interest rate
- 7/23- interest rate is fixed for first 7 years
- 5/25- interest rate is fixed for first 5 years
- 3 year ARM- charges 5.55%
- 1 year ARM
- FHA and VA
- Limited Documentation
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The current tax laws in Pennsylvania allow the exclusion of taxable income of up to $250,000 per person in the capital which is gained from buying or selling residential real estate property.
A monthly mortgage payment on the loan is, however, fixed in many cases. However the Internal Revenue Service does not include mortgage interest, property taxes and some other expenses incurred while buying a home in their annual tax returns.
Some of the more well-known real estate individual agents and agencies in the counties in and around Philadelphia are:
- Ray and Michele Petralia
- Judy Peterson,Prudential Fox and Roach Realtors
- Coldwell Banker Diamond,Realtors
- Common Ground Realtors
- Dean Markman,Craig Raivitch,RE/MAX
- Prudential Fox and Roach,Realtors
- O'Donnell Real Estate Inc.
- Kurfiss Sotheby's Realty,PA Real Estate
It is also always advisable to take the help of some real estate manager in order to meet any problems incurred while buying or selling real estate or for the sound management of real estate. Some trusted real estate managers in Philadelphia are:
- Green Street Property Management: (215) 563-5880
- Bremner,Robert-Property Management Group: (215) 545-7007
- Columbus Property Management: (215) 557-8484
- Mnb Property Management: (215) 731-0212
- Ktr Management Services: (215) 972-0090
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