According to the most recent National Association of Realtors’ annual profile of buyers and sellers, 51% of baby boomers who buy a home are looking to downsize. For those looking for amenities and walkability in retirement, look no further than a center city, Philadelphia neighborhood! 17% of all first-time buyers are buying in urban areas. This is usually due to younger buyers wanting smaller Continue Reading
Why Buying a House in Philly is Better Than Renting
With more than ¼ of all adult millennials in Philadelphia living with their parents due to the cost of rent, many ask the question: “Will I EVER be able to afford to buy a house?” Thankfully, the answer is YES. Although rent may seem unaffordable, buying a home in Philly can actually be a cheaper option. Nationwide, about 21% of millennials are living at home, while the number in Philly is at 27% Continue Reading
Philadelphia Row Houses: Classic Styles Anyone Can Love
One thing that distinguishes Philadelphia from any other city, and makes you realize you’re really in Philadelphia, is the residential architecture. Loft conversions, contemporary town homes, high rises: Philadelphia definitely has it all, but the one style that seems to maintain popularity throughout the ages is the classic Philly row house. From two stories to four stories, stone to stucco, Continue Reading
Neighborhood Spotlight: Graduate Hospital
Graduate Hospital, a neighborhood west of Broad Street and South of South Street, bordering Center City, is often considered a great location for first time home buyers. Why consider Graduate Hospital? It has a lot of desirable features of the other bustling neighborhoods in the middle of Philadelphia, but with its own unique vibe. Here’s what you need to know! Graduate Hospital’s Continue Reading
Buying Your First Home in Old City Philadelphia
Old City Philadelphia (sometimes spelled as Olde City) is known for two things: tourist attractions and nightlife. These items, though, are also what makes Old City a popular neighborhood for buying a home. Read on to see if Old City is right for your first time home purchase. Old City’s location is super convenient Old City is appropriately named. It’s literally the original part of Continue Reading
Real Estate Investing: What Newbies Should Know
Have you heard that real estate investing is the path to financial security? Maybe you’ve watched those house flipping shows and decided that seems like an exciting and lucrative career. Perhaps you’ve even been to a real estate investing seminar and have taken steps to start your new path to financial freedom. If you are brand new to real estate investing, you don’t need to start with a huge Continue Reading
Budgeting for Your Home Purchase: What First Time Buyers Should Know
Buying a home is a financial investment. It comes with not only a monthly payment, much like what you’re probably used to paying in rent, but additional upfront costs, one-time fees, and even monthly escrow can really increase the amount you will spend. Here’s how to determine how much you might expect to pay for your new home. Use a mortgage calculator to determine what you can afford. Mortgage Continue Reading
Should Your First House Be A Single Family Home or a Condo?
If you’re a first time home buyer, you’re likely facing the crucial decision of whether to buy a single-family home, or a condominium. A condo is a home in a multi-residence building, which may include a typical condo building, laid out like an apartment complex, or possibly a town-house like community with separate entrances but shared walls. Some condo buildings might contain only a few units – Continue Reading
Financial Incentives for First Time Home Buyers in Philadelphia
Buying your first house is a big step and a big investment. Unlike second or third time buyers, who can usually leverage equity from a previous property purchase into a new home, first time buyers are starting from scratch! You need to come up with a down payment, closing costs, moving costs, and often new furniture and décor to fill out that space – all while paying rent on your current Continue Reading
Do I Qualify for an FHA Loan?
An FHA loan is a very popular way to get a mortgage, especially for first-time buyers. These loans are backed by the Federal Housing Administration (FHA) and require that you put less money down – as little as 3.5% - than a conventional loan through a mortgage lender, which usually requires 10% or even 20%, depending on your credit. To understand an FHA loan, first you have to remember than Continue Reading
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