Philadelphia Real Estae FAQs

The amount you'll need depends on the home you're buying, the type of financing you're using and the loan program you choose. Your down payment is only part of the equation. You'll also want to plan for closing costs, inspections, moving expenses and some breathing room after settlement. You do not necessarily need a 20% down payment, and different loan programs can have very different requirements. We recommend talking with a trusted lender early in the process so you understand your estimated monthly payment, cash needed to close and the options available to you before we build the search around a specific price range.

Start with the way you actually want to live, not just the house itself. Think about your commute, restaurants and coffee shops, parks, public transportation, parking, outdoor space and how much activity you want around you when you walk out your front door. Philadelphia can change considerably from one neighborhood to another, and sometimes from one block to the next. We'll help you compare the areas that fit your priorities, but we also encourage buyers to spend time in the neighborhoods themselves. Grab coffee, walk around, visit at different times of day and see which places genuinely feel right to you.

Bedrooms, bathrooms and finishes are the easy part. We also want to understand how the property has been maintained and how it will actually function for you. In Philadelphia, that can mean paying attention to the roof, basement, masonry, windows, mechanical systems, natural light, width of the home, outdoor space, parking and the quality of any renovations. With condos, we'll also want to understand the building itself and what comes with ownership there. We can help you identify questions and things worth investigating, while your inspectors and other professionals handle the technical evaluation during due diligence.

We don't start with a generic formula. Before writing an offer, we look at recent comparable sales, competing properties, how long the home has been on the market, condition, pricing history and what appears to be happening with buyer demand.Then we talk about your goals and how much you actually value the property. Price is only one part of an offer, so we'll also consider financing, deposit amounts, inspection terms, settlement timing and other conditions that could matter to the seller. The goal isn't simply to “win.” It's to put together an offer that gives you a strong chance of getting the home without losing sight of what makes sense for you.

They offer very different ownership experiences. A rowhome generally gives you more control over the property, but you're also responsible for maintaining the building and its systems. A condo may shift some exterior and common-area responsibilities to the association, but you'll have condo fees, rules and shared financial decisions to consider. Neither is inherently better. We look at how you want to live, how much maintenance you want to manage, your budget, the building or property condition and your long-term plans. If you're considering a condo, we'll also help you understand what documents and information should be reviewed before you move forward.If you're leaning toward a rowhome, our guide to buying a rowhome in Philadelphia goes deeper into the less obvious things worth checking before you make an offer, from party walls and sewer lines to permits and City records.

That's when a different part of the buying process begins. Depending on the terms of your agreement, the period between an accepted offer and settlement can include inspections, mortgage approval, appraisal, title work, insurance, document review and other due-diligence items. We'll keep track of the real estate deadlines, help you understand what decisions are coming next and coordinate with the lender, title company, inspectors and other professionals involved in the transaction. As you get closer to settlement, your lender will provide your final loan and closing figures, including the amount you'll need to bring to closing.