While renovation flips continue to fail in Philadelphia due to the rising costs and lower demand during the pandemic, the real estate market in Montgomery County remains hot and filled with opportunities as families relocate to the suburbs in search of more land and space, reports NBC10 Philadelphia.
“For the last year people are leaving the city and moving to the suburbs like Montgomery County, and they’re moving to the suburban parts of the city,” said Alison Simon, Real Estate Agent with Keller Williams.
And while the housing market has cooled in Philadelphia, leaving units on the market for an average of 68 days as opposed to the usual 33 days, the situation in Montgomery County is quite different.
Turnkey, ready-to-go properties are selling within the first week of being listed, while light fixer-uppers stay on the market an average of just 22 days.
“I haven’t seen as many opportunities for flippers,” said Josh Grubensky, Real Estate Agent with Tom Toole Remax, “… but I think for somebody who wants to fix up a home, live in it long-term, and kind of bring some value to the table, there is significant opportunity there.”
Watch the entire segment at NBC10 Philadelphia.