The advantages to owning a home can be endless: the stability of location, financial benefits and full control over maintenance and remodeling are only a few of the many rewards ownership can bring. There are various reasons why buying a home can be advantageous over renting a living space, but sometimes the guidelines of mortgages, real estate transactions and other legal details can overwhelm new and old homeowners alike. By understanding the current status of Pennsylvania’s real estate, residents can become better equipped to address home ownership matters in the future.
Buying a home can indeed reap a number of rewards, including the boosting of an area’s housing economy. According to the Pittsburgh Business Times, residential real estate sales and average home prices are up in western Pennsylvania. As a result, the outlook of the housing market on this side of the state appears all the more appealing to potential buyers. The Business Times goes on to show through statistical data that closed sales are up 3.45 percent, from 18,500 units in 2016 to 19,100 in 2017.
There may be many advantages to the recent housing market growth in the state, but the Inquirer points out that this growth is not considered a step forward by all Pennsylvania residents. As a result of rising home values, longtime residents may fear that their living space could become threatened. The Inquirer brings to attention the “tangled title” issue, which describes situations in which individuals living on a property are not actually listed on the deed. Because this issue has become increasingly prominent in areas such as Philadelphia, many experts and services have begun assisting families whose homes may be on the line due to inaccurate titles and growth in the area.