A recent annual national survey of home buyers and sellers gives us some insight into what’s going on in the housing market. And the results dropped this week.

So who are the end buyers? What happens in cash sales? So why do some homeowners choose to put their homes up for sale?

Unsurprisingly, high home values driving some of the most interesting market trends.

Keep scrolling to see this story and more in this week’s issue:

Do you support or oppose building more self-storage facilities in your community? Email me for a chance to be included in my newsletter.

— Michaelle Bond

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Each year for the past 40-plus years, the National Association of Realtors has surveyed recent home buyers and sellers to gain insight into who they are and how market trends are changing.

Last year, I created a test based on the annual survey so that Test your real estate market knowledge.

This year I pulled out some interesting statistics from the report. Some of the most interesting ones involved first-time homebuyers.

The percentage of first-time homebuyers is decreasing. This year, it fell to the lowest level since the National Association of Realtors began tracking it in 1981.

And the typical first-time shopper is getting older, too.

Blame housing unaffordability.

Read on to learn more about buyer incomes, multi-generational homebuying trends, what’s happening with single women, and more. A record high percentage of buyers paid cash.

Inside a newsletter throughout the summerI told you about the warehouse my family had when I was a child and which we used when our new house was being built. And although I was sure the unit was full, the only thing I remember having in there was a giant stuffed Gumby.

There are so many more places in our area where your child can keep his Gumby (or whatever is popular with kids now).

The self-storage business has boomed in Philly in recent years. At least two dozen facilities have opened since 2020.

Similar to my experience, some families store their belongings in units as they prepare to move to a larger home.

But rising mortgage interest rates and home prices have prevented families from being able to afford to move when they outgrow their homes. So they stay. But they are still They need a place to store all their belongings.

Home prices, housing shortages, hoarding, and the pandemic have all played a role in strengthening Philly’s love affair with self-storage.

Read on for a map showing where these self-storage facilities are popping up, see and find out where developers want to build next Why have other cities banned self-storage?

Latest news to watch out for

Sure, temperatures this week have been in the upper 70s, but it’s going to get cold eventually…right?

If you need some help paying your heating bills this winter and you live in Pennsylvania or New Jersey, check out this story by my colleague Erin McCarthy. You can get up to $1000 off your bills.

This story comes at a good time because in the Keystone and Garden states, Electricity bills are increasing.

Read on to see what you need to know I’m getting help with heating bills this winter.

An online listing for a “unique” century-old home in Abington caught the attention of Tim and Tracy Panella in 2018.

“From the outside, the house looked like a small cabin, but inside there were huge rooms,” Tim said. “It was deceptive from the street.”

The Panellas moved into the two-story, 2,400-square-foot home and made a few changes.

The dining room became the office. A playroom became a dining room. The couple demolished a decaying two-story deck and built a three-story deck.

But there were many things in the house that the homeowners wanted to preserve.

Peek inside Panellas’ home and see the feature of the basement. He helped their families during the pandemic.

Trivia time

Investors are moving to seize student housing from a nonprofit community developer. In the civil lawsuit, investors said the developer owed $1 million in unpaid property taxes and had not filed financial reports.

Question: The property at the center of the dispute – Beech International Village – is near which university?

A) Western Chester University

B)St. Joseph University

C) Drexel University

D) Temple University

this story There is an answer.

Photo contest

Do you know where this photo was taken?

Email me if you think so. You and your memories of visiting this spot may be featured in the newsletter.

Last week’s photo was taken at Rail Park, part of the long-neglected railroad viaduct that stretches from Vine Street to Fairmount Boulevard. Thanks to Lars W. for getting this right.

Lars told me: “I have several memories of walking on the abandoned railroad viaduct in the 1990s and early 2000s with a group of grassroots people who at the time were trying to attract attention to turn the railroad viaduct into a park similar to the High Viaduct line in NYC.” It was such a great experience at the time, it provided a completely new way to see the city skyline in the Center City area and it was so forested with giant weeds and trees that it made it even more mysterious as we had to walk through it.

Walking is much easier now. At least the part that is currently a park. Stay tuned for a possible extension more than twice the length of the elevated parking system.

Enjoy the rest of your week.

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