Philadelphia Real Estate Facts/Tips for First-Time Buyers

Philly Homebuyers

Tips for Philly homebuyers to keep in mind

If you are thinking about buying your first home in Philadelphia this fall season, but would like to know more about the current Philly real estate market, we’re here for you! The Stephen Sells Philly real estate team can answer all of your questions, point you in the right direction for additional help, like mortgage lenders, and help guide you through the entire home-buying process!

Here’s a few facts to know when buying a home in Philly:

  • Work with an agent – You may believe that you’ll save money if you try to buy a Philly home without the assistance of an agent. However, agents do more than you may realize! We find listings based on what you’re looking for and your budget, so you don’t waste time. We can get you in to see them far faster than you could on your own! We can send you off to a reliable lender, answer all your questions, and negotiate on your behalf, which is very important when inventory is low and bidding wars are common.
  • Factor in closing costs – First-time buyers often don’t realize what it really costs to buy a home in Philadelphia. That is where we come in! It’s wise to note that sometimes first and last month’s rent, combined with security deposits to start a one-year lease, could be higher or the same as a down payment coupled with closing costs to buy a home in Philly! Every building and/or area has different fees associated with purchasing real estate and your REALTOR will be able to share their knowledge on what to expect when buying a home in Philly. When working with a lender, it’s important for them to not only tell you your rate, but also your total cash outlay, which is what your can afford when factoring in all of the home-buying costs.
  • Choose a neighborhood – A common thing you’ll hear when buying: Location, location, location! You can change a home to your liking, but you can’t change the location. Philadelphia is home to dozens of neighborhoods, each with its own flair! If you aren’t familiar with the neighborhood of a home for sale, spend time getting to know it. Visit the area at different times of the day to see how noisy or busy it gets and what commute levels will look like.  Check out local businesses and events, and don’t be shy, ask locals what they like or dislike about the area!
  • Stand out – Inventory is tighter than usual right now, so it may be hard to find a home in your price range, and you may find yourself in a bidding war with other buyers once you do. Have patience, get pre-approved ahead of time, be ready to compromise with your wish list, and have a flexible schedule to view properties as soon as they become available. Stand out by offering your best price first, be flexible with settlement dates, financing terms, etc., write a personal letter to the seller, and contact Stephen, Evan or Paul to help put a plan in place! We make sure you have the competitive advantage when searching and scoring a new home. We know the market, the people involved, the coming soon listings, and we work tirelessly to get your foot in the door before your competition. Every little bit helps!

If you have more questions, or you’re ready to get started on the home-buying process in Philadelphia, contact us! The Stephen Sells Philly team is here and ready to make your homeownership goals a reality!

Stephen Ferguson, REALTOR | 267.377.9344 Mobile | 215.558.2429 Office
Follow me on Twitter @SSellsPhilly |
Berkshire Hathaway HomeServices, Fox and Roach, REALTORS | 215.546.0550

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