Everything You Need to Know About Buying a Home in Philadelphia

The housing market has taken us all on a wild ride for the last three years, but it seems like things are finally settling down. From the great drops at the beginning of the pandemic to the soaring highs that came in 2021 and 2022, many have been shocked to see prices change wildly.

These are some of the most important things you need to know about buying a home in Philadelphia and why this city is different.  

1. Home Prices Are Finally Dropping

Housing prices have been high for years, but they’re finally dropping! In Philly, many properties are becoming more affordable to the point that people who never thought they’d be able to buy a home are finally getting the chance.

Prices get even lower in the fall and early winter, so if you want to make the most out of it, the last quarter of 2023 could be your time.

2. It’s Vital to Take Your Time

Although hunting for Philadelphia houses for sale can be stressful, don’t let it make you jump on a decision you’re not ready for. Make a list of wants and needs, and go for a property that enables you to reach all of the parts of a home you absolutely need while still getting some of your wants.

3. This City is Growing

Philadelphia is a city that’s seen countless highs and lows, and living here means you can be a part of a city that’s building itself into something incredible. The industry is picking up here, as well as countless creative and entertainment options, so you can find something that speaks to what you care about. Getting to be a part of a city while it grows is endlessly rewarding.

4. Buy Room to Grow Into

The best part of buying a home is you get to stop and picture how your furniture will fit into every room, but it’s important to remember that your home is so much more than that. You’re going to live here for at least ten years, so you need to have enough room for you to grow into it.

This means possibly a full extra bedroom or simply access to far more storage than you’ll ever want. Not only is this a great way to always have extra room, but it will also be a great selling feature down the line.

5. Remember Schools and Education

Whether you’re considering going back to school or you’re starting a family, it’s a good idea to stop and think about what schools you’d like to be located near. This option will save you on the future commute while also allowing you to feel like you’re part of the community when you’re going to that school.

If you have kids, this is also a great way to ensure they’ll stay nearby, and you won’t have to worry about chasing them down.  

Philadelphia Has Everything!

Whether you want to buy a condo or you’re looking to get a giant home for your family, Philly has whatever you need. Consider checking out some of these tips when you’re ready to finally settle down and get the home of your dreams.