Tips And Trends For Philadelphia House Hunters

Tips And Trends For Philadelphia House Hunters

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According to Drexel University’s Lindy Institute for Urban Innovation, the Philadelphia housing market is “on track to experience its first year of double-digit house price appreciation since the housing bubble.” What does this mean?


Philadelphia is officially a Seller’s Market.


Low inventory and high demand is making Sellers the happiest of campers, but Buyers may seem overwhelmed by the current market. Not to mention, Summer is an extremely busy season for Real Estate, as families are trying to move into their new home before school begins. If you are looking to buy a home in Philadelphia, here are some tips to make sure you get those keys:


Get preapproved for a mortgage:

Obtaining a mortgage pre-approval from a local lender before you make an offer should be considered mandatory. This can also help you stand out against other offers and lets the Seller know you are serious about buying the property.


Make your best offer first:

Low inventory creates a market where listing agents are receiving multiple offers for every property. To be competitive and stand out as a Buyer, you must make your highest and best offer right off the bat.


Don’t judge a house by its photos:

Not all listing agents use professional photographers, and even those who do can end up with poor photos. Do not exclude a home from your search because of the pictures in the listing. See properties in person so you can really get the feel of the home.


Put down a deposit worth writing home about:

Providing the Seller with a larger deposit can make your offer more attractive because the Seller will know you are less likely to back out of the deal.


Less is more when it comes to inspections:

Some Buyers go so far as to waive the entire home inspection, which is not recommended unless you are willing to pay for any unexpected problems (which may be very costly). On the other hand, including every inspection and asking for a laundry list of repairs may hurt your offer. Ask your agent about the best way of reaching a middle ground that will please both you and the Seller.


At the end of the day, nothing will beat finding a great Realtor that will give you specific advice tailored to your wants and needs. This market can be tough to navigate as a Buyer, but having the right representation can make a world of difference. If you are looking to buy (or sell) a home, contact Jennifer Grosskopf today at (215) 498-4010 or at jengrosskopf@gmail.com.


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Phone: 763-257-2967
Dated: December 22nd 2016
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