The real estate market is one of the many markets which is challenging to stay up to date with. Philadelphia, Pa. is no exception to this shifting market, as the whole country faces similar challenges in buying and selling homes at an affordable and obtainable price.
The housing market is a tremendous challenge, no matter if you are buying a new home or selling yours. However, by partnering with the right people and following best practices, you can navigate the market efficiently and with less hassle.
Let’s take a look at how one market on the East Coast of the United States and how it compares to the competition at the same price across the East Coast.
The Philadelphia Market
The competitive housing environment in Philadelphia offers buyers history, culture, and diversity. After looking further into the Philadelphia housing market, here are some of the statistics from the New York Times on a specific home and how it compares to two other homes for the same amount of money.
With this 1812 brick rowhouse, it comes with 1,081 sq. ft. on 0.01 acres of land, housing two bedrooms and one bathroom. You are expected to pay $425,000 or about $393 per sq. ft. For taxes, you should expect to pay an estimated $6,576.
This Philadelphia home is in Washington Square West, a historic neighborhood in the downtown area, with similar homes built in the 19th century. Inside the home, you will find the front door opens up to the living room with hardwood flooring, a brick fireplace, and recessed lighting. In the back, you will find the kitchen with wood cabinets, granite countertops, and access to the side patio. On the second floor you will find one of the bedrooms and the bathroom, and moving up to the third floor you will see the floor is dedicated to the second bedroom which is done in a loft style and access to a rear deck.
How a Philadelphia Home Stacks Up To Other Markets
After seeing what Philadelphia has to offer, our next stops are Riegelwood, N.C. and Manchester, Vt. These two housing markets are also rooted in history, culture, and diversity. Here are the statistics of these homes courtesy of the New York Times.
In Riegelwood, you will find a farmhouse built in 1917, with 3,117 sq. ft. on a three-acre lot, housing four bedrooms and two bathrooms. Expect to pay the same price as the Philadelphia home, but at only $135 per sq. ft. and taxes are estimated to be only $1,476 for this home.
The Riegelwood home is set about a half-hour drive from the historic Wilmington Riverwalk and Wrightsville Beach. The home is also newly restored to its original state, including hardwood floors and ceilings, adding electric, plumbing, and HVAC systems to the home.
Meanwhile in Manchester, Vt., you will find a 1920-built bungalow, with 1,262 sq. ft. sitting on only 0.3 acres of land, and housing two bedrooms and one bathroom, just like the Philadelphia home. But, expect to pay $337 per sq. ft. and taxes are estimated to be $3,120 for this home.
The Manchester home is set in a popular weekend destination for those who love to shop or enjoy history, offering multiple outlet stores and the American Museum of Fly Fishing. The home is comfortable, with a decorative fireplace, chandelier-style lighting, and a stone firepit in the backyard.
Both of these homes will appeal to different types of buyers. Those who want a more rural setting will be drawn to the Riegelwood home, while those who prefer a more suburban lifestyle will appreciate the Manchester home.
Tips on Buying in a Seller’s Market
This housing market can be wild and difficult for anyone looking to find the right home for the right price at the right time. Here are some of the best practices and tips for getting into a new home.
- Understand Your Budget: Knowing the difference between what you want and what you need, along with deal breakers or makers, can help you get a clearer picture of what you can begin to budget for.
- Have a Verified Pre-Approved Loan: When buying your new home, it is important to not have your loan fall through or not have enough money for what you want. Ensure your loan is 100% safe and secure before going forward to ensure everything goes smoothly.
- Always Work with a Real Estate Agent: Agents are there to help make sure you know what to fill out, when to have everything ready, help you focus on a home, and help you secure that dream home easily.
- Be Careful with Making Demands: By not being overly demanding or pushy, you can ensure you aren’t placed between a rock and hard place that you have to try and negotiate out of. Keep yourself open to options, and level-headed, and you will find the right fit.
Following these best practices will help guide you to the right home as smoothly as possible and have you feeling more confident as you head into the wild world of a buyer in a seller’s market.
Final Thoughts
Whether you are looking into any of the three markets mentioned here or somewhere different, this is here to help you know what to expect and what to plan for in this housing market. It’s best not to enter the market alone, so that’s why our standard practices are the best in helping people and families get into a home regardless of whether it is a buyer’s or seller’s market.
Working with your local real estate agents, knowing your budget and loan statuses, and keeping yourself open-minded and level-headed, will help guide you and your family into your new home easily and hassle-free. We hope that it becomes a walk in the park for you heading into your next housing journey.
