The Philadelphia residential real estate market is red hot. You've surely read in the media how inventory is historically low and the homes that are available are flying off the shelf rapidly, especially if they are turnkey and recently renovated. Plus, interest rates are also historically low.
The silver lining post-Covid for Philly real estate is demand from a combination of home buyers. As more people are able to work from home, Philly locals are seeking larger homes, former Philly residents are moving back to their home city, and folks from other cities are seeing the value of relocating here.
Get your ducks in a row
The best way to buy a home in a competitive market like Philly is to be prepared. Make sure your Buyer Financial Statement is filled out and get your pre-approval updated with your lender. Do these tasks early so that you're not asking your loan officer on a Saturday afternoon for an updated pre-approval letter for an offer that is due Sunday night!
Also, be sure to request a pre-approval letter from your lender and not a pre-qualification letter, when possible. A pre-qualification is less meaningful to a seller and their agent compared to a pre-approval.
Go over the contract and contingencies with your agent early in your home buying journey so you understand the process. That way you’ll be ready to roll when the time comes to make an offer.
See homes early when they hit the market
Home buying is moving fast, and buyers are making decisions quickly. It is very common right now that homes are going to bidding wars after just one weekend on the market! Unless you can tour the property early, you'll likely miss out.
While this is not convenient for people who work, which is most buyers, touring homes during the week before others gives you a chance to scoop a property before someone else does. If you have time, see properties as soon as they come on the market, even if it’s during your lunch break.
Using real estate platforms will help you stay updated with property alerts and the ability to book tours quickly with the click of a button online.
Be ready. Be smart.