End of Q1 Real Estate Views: 3 Key Philadelphia Market Takeaways Hindsight is 20/20, and I’m grateful 2020 is in our hindsight! We’re 90+ days into 2021 and, while there are still unknowns at the end of Q1, I want to share three Philadelphia real estate market observations. 1. Record-Low Housing Supply. Philadelphia currently has 2,511 homes for sale, according to the Drexel University Lindy Institute for Urban Innovation. The city has historically averaged 7,400
Choosing a Real Estate Sales Expert If you’ve decided that you want to sell your home or one of your investment properties, this is more than likely one of the most significant transactions you’ll ever engage in. Accordingly, it’s critical to find the best real estate professional to guide you through every step of the transaction process. The following questions will help you pinpoint an expert that will sell your property in the shortest amount of time,
A great way to elevate your bargaining power in a real estate negotiation is via a strong BATNA, or a “Best Alternative to a Negotiated Agreement.” In other words, your best outside option if you walked away from the deal at hand. BATNA is a concept that was developed by Roger Fisher, William Ury, and Bruce Patton of the Harvard Negotiation Project in their landmark publication Getting to YES: Negotiating Agreement Without Giving In. Their approach has played
The Harvard Negotiation Project conceived of a groundbreaking approach that helps both sides in a negotiation get more of what they want. In this “Interest-Based Negotiation,” or Principled Negotiation, parties are encouraged to explore their interests to achieve mutually beneficial outcomes. This method has dramatically boosted my offer acceptance rates, and I hope it helps you do the same. Here are a few tips to improve your offers via Interest-Based Negotiation: 1. Objective Criteria. Provide impartial, factual
Some buyers want a home but can’t afford a 20% down payment. I understand! On a $500K property, a $25K down payment (5%) is a lot easier than $100K (20%). Lenders require those who put down less than 20% to secure PMI, Private Mortgage Insurance. PMI provides lenders a safety blanket and you flexibility, but can cost up to 2% of your loan annually. I’m here to tell you that you’re not handcuffed forever. Here are a
Many prefer the comfort of investing where they live. But, they reside in areas where real estate prices are prohibitive (e.g., New York City, San Francisco, Washington D.C.). If this is you, long-distance investments in a market like Philadelphia may be the perfect way to diversify your portfolio. Tips to invest from out of state and abroad: 1. Philadelphia Realtor. Hire a Philadelphia expert who has a finger on the pulse of the area. You can look
While the real estate market has slowed during the holidays, it doesn’t have to slow down for you. We may be on the brink of a boom, and this could be your last chance for a great deal before the end of the year! Perfect Conditions 1. Promising Vaccines. Moderna and Pfizer’s vaccines, 94.5% and 95% effectiveness respectively, bode well for a return to pre-crisis economic stability. 2. Limited Inventory. Housing supply is at a 40-year low,
The Fed has pledged to keep the Federal Funds Rate close to 0% for the foreseeable future. Banks have passed along the savings via low mortgage rates and helped create strong market conditions. Now that we’ve covered 2 principal instruments to lock in rates (Part 1) and how to minimize your interest rates (Part 2), the following will explore ways to make these rates work for you. Investment. Philadelphia demand is primed to remain robust with the
Buying a home is one of the most significant purchases made in a lifetime—one that often requires hundreds of thousands of dollars borrowed. A 1% reduction in interest could equate to tens of thousands in savings. Especially in this historically low interest rate environment, the following tips will help minimize your interest rate and maximize your wallet. 1. Healthy Credit. The higher your credit score, the more likely a lender will offer you superior rates. 2. Low
Mortgage rates have reached record lows. Freddie Mac reported 30-year Fixed Rate Mortgages (FRM) below 3% and 15-year rates below 2.5% (best in 30 years). Lower rates mean reduced monthly payments. We’ll compare 2 mortgages that enable you to lock-in low rates, 15- or 30-Year FRMs. 30-Year Pros: • Payments. Monthly payments more affordable since they’re spread over 30 years. • Purchasing Power. Lower payments make it easier to qualify for a higher-priced home. Cons: • Cost.
The summer sales season is coming to a close. But that doesn’t mean it isn’t a good time to buy a house. In fact, new numbers from the National Association of Realtors show buying conditions have actually improved. For example, in August, homes for sale were on the market longer than they were the month before. According to the report, properties typically remained on the market for 31 days in August, up from 29 days in July.
You need to have some money if you want to buy a house. That’s no surprise. But knowing how much you need is another question. And it’s a question a lot of potential home buyers don’t know the answer to. In fact, a recent survey from Bankrate found that 51 percent of Americans said they didn’t know the required minimum down payment. Another 28 percent said a down payment of 20 percent was necessary to buy a