If this is the year you plan to search for and buy a condo in Philadelphia, here’s the best advice you’re going to get: get pre-approved for financing and have your down payment ready, because condos in Philadelphia are in high demand and they are selling fast!
Take Advantage of a Realtor’s Expertise
Start your condo search funnel wide, work with a buyers agent, whittle down by neighborhood or area. Then isolate any building or block in the neighborhood that you are particularly interested in. Make sure your stay in touch with your realtor about new listings while searching. A realtor can help you find what you’re searching for by keeping an eye on listings, changing prices, and knowing market trends. Realtors are familiar with available properties and can get you into those most suited to your needs or desired location.
There’s new Construction All Around but Keep an Eye on Pricing
There are a limited supply of condos in an “affordable” median price range, which according to real estate website Trulia is $333,500 for a one-bedroom condo for sale in Philadelphia. The competition for condos is coming from both millennial first-time buyers and downsizing baby boomers, so you need to be ready while searching.
Spring is here
Condo searching and buying is a year round pursuit, but fewer people want to look when it’s cold, which makes right now the perfect time to find what you’re looking for; any warmer and your competition will be right there with you. Keep in mind it will likely take between 45 and 60 days to close the deal once you find what you want and have a contract in place.
Interest Rates, Inventory, and Everybody Wants One
Interest rates are going up over the year so and prices for condos in Philly are going up faster than inventory, timing is important. If you’re ready to buy a condo, make a list of your priorities while searching (location, amenities, price), contact a realtor, and get out and find the perfect place today.
All in the Details
Realtors can also provide information on the monthly Homeowner’s Association fees, which according to Philadelphia Magazine run an average of $331 a month. These fees pay for shared amenities and may also cover basic utilities, trash and insurance on the building. You’ll need to consider these costs when you determine how much you can afford to spend, because they never go away and often go up every year.
This is for buying of course, if you’re looking to rent, take a look at Zumper.