Golden rules for the first-time buyer in Philly

home buy

For the first time in years, the real estate scene looks pretty healthy in Philadelphia. For a while we have been in that “waiting” period – waiting to see just when we’ll come out of the bubble that has consumed the Philly housing market over recent times.

Fortunately, there is light. In fact, we’re now seeing continual progress in the market and sales are now taking place within days, rather than the years which may have been the case not so long ago.

Of course, with the market now more competitive before, it means that first-time buyers in particular have to be very savvy. Blake Rubin has said in the past that if you can stick to certain golden rules, first time buyers can take full advantage of the current market.

Rule #1 – Now might be the time to forget parking

There’s a reason that this guide isn’t for every first-time buyer in the US; each area in the country is different.

In the case of Philly, parking comes at a huge premium. Experts have suggested that this is the first thing that most buyers will get rid of, for the simple reason that there is so few of it around.

Sure, if you’re happy to look out deep into the neighborhoods you might have a chance. For a lot of the popular areas, particularly around the city center, it’s very difficult to find real estate which arrives with parking. Unless, of course, you pay the big money.

Rule #2 – Don’t get obsessed with all of the data that’s now available

This rule can actually be applied to a lot of the country, simply because all of us now have so much data at our disposal when it comes to real estate.

The internet really has opened up this market to the masses and whether it’s information regarding past prices, or just about other nearby properties on the market, it’s all available at the click of a button.

While this is obviously positive in some regards, in others it can over-complicate things. There are occasions where some of the information is inaccurate, or can be misinterpreted, and this is where things start to get confusing. It means that finding a local agent is of paramount importance here; finding someone who has that elusive local knowledge can ensure that the information you have is accurate.

Rule #3 – Make sure your money is in order

A couple of years ago, you may have found a property and bided your time. Now, particularly in Philly, no such option exists.

In other words, houses are selling fast. If your money isn’t in order, there’s a very good chance that someone is going to get in ahead of you. The market is more competitive than ever before and as well as having the appropriate finance in place, also make sure you have up-to-date information that you can pass on to the relevant parties.

This entry was posted in Advice.

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