Five essential tips for first-time homebuyers in Philadelphia

Buying a house or apartment in Philadelphia is an exciting and proud time. For many years, you have been trying to save money for purchases, and finally you are looking for the city of your brotherly love.

Taking the risk of buying a home can also be an overwhelming and emotional process, especially if you are a first-time home buyer and are not familiar with all the steps of buying in Philadelphia.

To help ensure that you are ready to buy,

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A list of expert tips was compiled for first-time homebuyers in Philadelphia.

1. Obtain pre-approval

When considering buying a home in Philadelphia, the first thing you should do is get a pre-approval letter from a bank or mortgage lender. Obtaining pre-approval is important for two reasons. First, it allows you to fully understand the costs you can afford and set the budget correctly for your family search. Second, this letter shows the seller that you are a serious buyer and provides proof that the mortgage company is willing to lend you.

Many times, home buyers first start looking for a house, fall in love with the house, and then find themselves scrambling to obtain a pre-approval letter, which can cause delays and cause you to miss the property in a competitive market. Avoid headaches and get pre-approval right from the start.

2. Ask your agent for commission rebate

One of the biggest mistakes Philadelphia homebuyers can make is not asking their real estate agents how to save money through commission rebates. The structure of commission rebates is very simple-your real estate agent will provide you with a portion of the commission they receive on your behalf as a buyer.

plan, A technology brokerage company located in Philadelphia, according to the company’s regulations, can refund up to 2% of the buyer’s purchase price.

Smart buyer rebates

-Philadelphia’s largest commission rebate. For example, if you buy a house of $500,000 with a 3% buyer’s agent commission, you will receive $10,000 from Prevu in the form of a rebate.

This money can offset your closing costs, help you decorate your new home, or just replenish your savings!

3. Find a community that meets your needs

It is common for home buyers to chase fashionable neighborhoods in any city. Although this is not wrong, it is important to remember that buying a home is a long-term investment. Trends may change rapidly, and the neighborhoods that may be the hottest today may no longer fit your lifestyle in a few years.

Buyers should evaluate the Philadelphia community based on their needs. List the necessities of the property and community you want. Whether you are looking for vibrant food venues, comfortable cafes, convenient public transportation, convenient parking, or affordable prices, you can choose a community that checks all conditions for you over the long term.

4. Keep up to date with lists and trends

When buying a house, the information is one of your best friends (after your real estate agent, of course). Keeping up to date with the latest housing and price trends in your favorite neighborhoods will make you more familiar with the area.

The best way to do this is to view as many listings as possible online, request a virtual tour, and sign up for property alerts so you are always up-to-date.

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Provide buyers with daily property alerts, weekly open day agendas, and the ability to click a button to schedule a visit when the property appeals to you.

5. Find the consequences and decisive action

Recently, Philadelphia’s listed inventory is at a historically low level as local home buyers and people who have relocated to the city quickly snapped up attractive properties. Since the COVID-19 pandemic, the limited inventory of homes for sale in Philadelphia has become more apparent as homeowners have been waiting to be listed.

This leads to a tricky situation for buyers who find themselves competing with others with only a few sales lists that meet their standards. In order to succeed in such a competitive market, be prepared to act quickly and decisively. You will be glad you got pre-approval early!

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