To buy or not to buy... (Philadelphia, Chester: real estate, rent, home builders)

[EllaGirl]

I will be relocating to the area (I am considering Media and Malvern) and may only be based there for a couple years. Knowing basically nothing about the housing market, would you suggest buying or renting? I would be in the market for a townhouse or a twin, nothing extravagant, but I want to be safe in the fact that after a couple years I would have a little equity...

Any thoughts?

[rainrock]

Some houses still find eager buyers | Philadelphia Inquirer | 02/26/2008 (broken link)

Some houses still find eager buyers

Tue, Feb. 26, 2008

Here is a recent article stressing the importance of location(Media was mentioned on the plus side) and doing your homework on buying houses that will hold their value.


My 2 cents and I'm certainly no expert in real estate but
its a good time to buy property if you can afford it. Media which has been improving for decades seems to get better and better every year. I personally dont see Media slipping anytime in the foreseeable future as there seems to be a trend towards authentic neighborhoods and walkable towns. Media is one of the best small towns in the area, close to the rail stations,25 minute drive to center city, and has a 2600 acre State park in its backyard. Solid investment imo. Malvern is an excellent area as well, it doesnt have the Main Street USA feel that Media has but it has a bunch of positives as well. I dont think you can go wrong in either town.




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[EllaGirl]

Thanks rainrock that helps! Are there any other authentic main street type of towns (like Media) that I should consider? I want to be within 30 minutes or so of center city and will be working in the Glen Mills area two days a week (traveling elsewhere the others).
Again- thank you for all your help!

[orrmobl]

Rent, rent, rent! Do NOT buy. If you are only planning to be here for a couple of years you will not even come close to breaking even...you need to stay for 7 or more years to even hope to come close to breaking even on your purchase. Those settlement costs are like paying an extra $10k in rent the first year...get the picture? And it seems sellers around here are not reading the newspapers because they still list their houses for waaaaaaaay more than they are going to get.

Its so bad, I've pretty much given up on buying this spring and will re evaluate in the fall/winter. But most financial analysts and the home builders themselves are expecting the housing market to keep declining into 2009...

Punch your numbers into this and you will see what I'm talking about:

http://www.nytimes.com/2007/04/10/bu...n&oref=slogin#

Oh yeah and rent in West Chester ...like Media only bigger and better...

[rainrock]

West Chester is another great Mainstreet usa town- I personally like West Chester a little bit better but others prefer Media. West Chester is a college town so there is somewhat of a younger crowd a few more bars/pubs/restaurants what not, and its only 10-15 minutes to Glen Mills. On the downside WC is closer to 1 hour from Center City Philly whereas Media is 1/2 hour to Center City.

Media has bars/restaurants as well it just seems more like a nice family town to me but there is always something going on Thur-Fri-Sat nights.

Glen Mills is located between Media and West Chester.

From East to West. Media-Glen Mills- West Chester

[FindingZen]

I agree with orrmobl that it isn't worth the hassle anyplace you live to buy a house for only a couple years.

And you certainly can't beat choosing between two solid towns like Media and West Chester per rainrock's suggestion.