A Bank of America report finds that Philadelphia-area homebuyers are more likely than counterparts nationwide to delay purchasing a home because of high prices. More than half of prospective buyers in the region take into account state and local property taxes across New Jersey, Pennsylvania, and Delaware when choosing whether and where to purchase a home.
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Philadelphia-area home buyers are more likely than buyers nationwide to consider selling belongings to raise money to buy a home and are more likely to hesitate to purchase because of high prices, according to a Bank of America report released Thursday that examines home-buying behavior.
Although Philadelphia remains a relatively affordable place to buy a home, low incomes in the city can put homes out of reach.
When consumers are deciding whether to buy, they need “a budget and a plan and a set of resources to make the right decision at the right time,” said Richard Krisinski, a Main Line-based senior vice president and lending market leader at Bank of America.
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