THE 5 THINGS HOME BUYERS MUST KNOW WHEN PURCHASING IN 2018
The real estate market in the greater Philadelphia in the past 24 months has seen some amazing growth as well as a wonderful appreciation in homes ranging $130-385K
1) You CAN buy a home with only 6% down
First time home buyers can enjoy the benefits of owning instead of renting using as little as 6% down payment only. The government offers a handful of programs in great locations throughout the state where you can purchase a home with such a little down payment and still enjoy some of the lowest interest rates ever available.
2) Understand Market Value
Have your agent make an offer based on MARKET VALUE. A house that has been on the market for a long time doesn’t mean there’s something wrong with it. A house that you feel is overpriced doesn’t mean it will not sell faster than you think since other buyers might have made the right offer quicker then you. According to Zillow’s research, markets across the country, shift up or down within years but sometimes within only months! Full time real estate professionals are aware of any slight changes in a given market and should, and would, present you the market value of a property. Your offer should base on that figure. In other words, regardless of the asking price, whether too high, too low or just right, your offers should base on the market value, which changes constantly.
3) You’re never too young to own
More than half of new home-buyers were under the age of 45 during the past 2 years, which is a substantial increase from previous surveys. The reasons for younger buyers are different than older ones who in many cases relocate or up-size. For example: About fifth of younger home buyers said their main reason for buying was being tired of renting compared to the past year when an average of less then 10% said this was their number one reason for buying. If you want to learn more how other younger adults buy their home early, stop making someone else rich by paying rent, ask me to connect you with one of Trident‘s specialists for more accurate options of federal programs nowadays available in Bucks, Montgomery and Philadelphia counties with six percent or less down only.
4) If you’re looking for an investment property, Philadelphia County is one of the most attractive cities in the country now days! According to a CBS recent article, based on information delivered by Zillow, Philadelphia County has seen an increase of as much as 2.8% in the last 12 months and investors report a great opportunity within the city. In Philadelphia alone, for the past 12 months, every single month, 500 homes on average are being sold. The demand is great, the supply is low and the business opportunity is booming!
5) Working with an agent is not recommended, but a must!
As a buyer it cost you nothing since in most cases the seller’s side pays for Broker’s fee (unless it is a By owner property where you’d need to pay your agent their commission, however, a good agent will negotiate well for you so you will basically get a better deal even after paying a fee). There are so many things that can go wrong in a real estate transaction that not being represented by a professional is a recipe for making costly mistakes. I could describe a dozen good reasons why work with a licensed agent, though in my mind the overall reason is that buying a home should be fun and not a “headache”, therefore you want to let us, professionals, do our job.
(BTW, If you’re selling a home, It’s so important to work with an agent! Read this: https://www.inman.com/2015/07/20/10-reasons-why-for-sale-by-owners-fsbos-fail/ )