Center City Homes Blog

Center City Real Estate in Rittenhouse Square Philadelphia

Southwest Square, AKA – Rittenhouse Square is one of the most desirable places in Center City Philadelphia.  It sits in the heart of it all, surrounded by the city’s biggest and most abundant high-rises this beautiful square is one of the 5 that exist in Center City.  Rittenhouse Square is one of the five original open-space parks planned by William Penn in the late 17th century.  The other 4 squares are: Centre Square (City Hall) Northeast Square (Franklin Square) Northwest Square (Logan Square / Logan Circle) Southeast Square (Washington Square).  Southwest Square, now named Rittenhouse Square received its new name in 1825 after David Rittenhouse who was a descendant of the German immigrant, William Rittenhouse.  William was the first paper-maker in Philadelphia and his original paper-mill site is known as Rittenhousetown which is located in Fairmount Park along Paper Mill Run.

Today this stunning square is surrounded by beautiful highrise condominiums and office buildings.  Rittenhouse neighborhood is not only populated by high-rise condos but also by some of the city’s most fantastic Victorian homes.  With the highest prices per square foot of any neighborhood in Philadelphia, Rittenhouse has many types of living sure to please all who see.  For more information on Rittenhouse Square and its real estate, please call or email Zach Skidmore at Zach@CenterCity.com / 215.901.7844!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Cost Savings Comparison

Although this “cost comparison” will apply to any type of home, new or old, let’s assume you are buying a new construction home in the heart of Bella Vista Philadelphia; if you are savvy money person and analytical when it comes to your finances you will not only understand the importance of buying at the low point in the market but how it pertains to you in a monetary sense.  Let’s make this simple…..interest rates play a huge role in money owed on your note throughout your 30 year mortgage.  For example see chart below:

Price     /       Mortgage   /   1% Interest Savings – 8 Years  /  2% Price Depreciation

$249,750       $200,000          $11,520                                                          $4,995
$375,000       $300,000          $17,088                                                         $7,500
$500,000       $400,000          $22,752                                                        $10,000

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Center City Philadelphia Real Estate

When is the right time to buy?  I don’t mean now or next month but actually Spring, Summer, Fall or Winter?  Most cities in the United States have seasonal real estate markets but even more so here in Philadelphia.  By purchasing a home in certain times of the year, you could actually pay more or less than the norm. The Philadelphia Real Estate Market has a big surge of buyers during the spring market and this drives demand for certain types of properties, even in a down market.  By coming out of the woodwork along with the other thousands of buyers in the spring, you might actually be putting yourself at a disadvantage.  There is more competition and you bet your a$$  that the agent the seller’s are using is telling them this.  In my OPINION the best time to list a house for sale is late Februrary or March 1.  This is usually when we see a big jump in ”buying traffic.”  On the other hand, the best time to buy is coming up on the dead of winter.  Use caution because if there is a certain property that you like in the spring, I wouldn’t advise waiting until the snow starts, this could result in you losing that home to another buyer.  BUT, if you are just starting your search then I advise the fall as the best time.  This way your agent can show you what’s on the market and with winter around the corner a lot of the seller’s get anxious and want to sell instead of having their property sit on the market through the winter.  Obviously real estate continues through the winter but it’s no secret that it slows down and this might play to your advantage when it comes time to make an offer.  Shopping for a house in the winter can be a good thing but also could be a double edge sword; I say this because most seller’s in Philadelphia know this fact and will decide to hold out on listing their house until Spring approaches.  So you as a buyer might not have the type of inventory expected in the Spring.  This is just some input I thought all buyer’s and seller’s should know although I’m sure you already know!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and
Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Buy Buy Buy

What are you waiting for??  If you are currently considering buying or refinancaing, what the H-E-Double Hockey Sticks are you waiting for. Haha, but seriously with interest rates this low you’d be crazy to pass up this opportunity!  Call your Real Estate agent NOW.  Seriously, Now. I just can’t fathom that the interest rates are this low…..jump on this opportunity or be sorry.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox
and
Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

FHA UPDATE!!!

As of October 1, 2011 new Conforming FHA loan amount limits will be in place.  See below:

1 Unit:    $379,500
2 Units:  $485,800
3 Units:  $587,250
4 Units:  $729,800

*Property will need to have 1 year chain of title.

Contact your local Mortgage Broker for more detailed information!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and
Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

I am a buyer’s agent specialist in Center City Philadelphia and of my buyers I would say 50%  or more are first time home buyers.  I love the fact that I get to work with people and educate them on the home buying process.  This is the biggest financial transaction you will ever enter into. (Scary)  It never fails that on our first tour I get asked all kinds of questions and one is always the same…..”Zach, what happens when we find the house/condo that we want? What are the steps we should take?”  I love this question!

Really, it’s quite simple.  Depending on how much you have been in contact with your Realtor before your first tour, you might be pre-approved or pre-qualified already.  If you aren’t, this is step one.  It will keep you from wasting any one’s time especially yours.  To get pre-approved just contact a local mortgage consultant, if you don’t know anyone, I am sure your agent will have numerous people he can refer you.  The mortgage consultant will get your information and run credit and all that jazz.  He/she will send you a pre-approval letter that will qualify you for a mortgage with an amount on it.  This can usually be adjusted a little bit if needed.   If you have a pre-approval letter with our Mortgage company, (Trident Mortgage Company) it’s as good as gold!  This is a must as this letter should accompany any offer you plan on submitting.

You have now been given the “green light” to pull the trigger on any property that fits your wants/needs in that price range.  You will now start to concentrate on finding the perfect home.  Make sure to keep your Realtor posted, let them know exactly what your wants/needs are, what are deal-breakers and what doesn’t matter.  This will really help your agent narrow the search and hone in on properties that fit you!  This will save a lot of time and frustration.  Remember that even in a “down market”, if a home is priced really well, it WILL sell.   There are always buyers actively looking.

Ok, so you have found the perfect place for you and your 15 cats……what to do?  Easy, talk to your agent and express how you feel.  That being said, DON’T ever show your hand.  If you are desperate and you would pay a million dollars over asking price, keep that to yourself, because if the other agent gets wind of that, you have just shot yourself in the foot and lost all negotiating power.  Time to submit an offer…..(In the state of PA all offers must be accompanied by a $1000 good faith check made out to the listing agency).  There is no real way to come up with a number for an offer except for looking at the “comps.”  Comparables or “comps” are properties that are similar in location, size, layout, bed and bath count, etc that have sold usually in the last 6-12 months.  Sometimes you will have to go back 18 months depending on the building, or type of house.  This is your agent’s job BTW.  He/she should know the comps before even stepping into a property.   If you are looking at a $300,000 house and you have now reviewed the comps and they have all settled for around $283,000, how do you come up with an offer?  You don’t want to come in at $283,000.  I STRONGLY believe that negotiating is part of the process and will only help the buyer.  To come in at your highest and best is not advised, sellers will always want you to come up in price, they want to feel as if they “won” the negotiating battle.  (Especially in a down market)  So the goal is to get the property around the $283,000 range.  In a perfect world it would be equal give and take on both sides of the transaction, with that said, I would suggest a starting offer of $260K-$265K.  If you start here and meet in the middle, it will put you right in that range we were trying to hit.

After you have come to a price that both parties agree on, it’s time to sign the revised agreement of sale and push forward with the home inspection, if elected, and any other inspections.  If all goes well, in 30-60 days you will be given the keys to your new home.  There are obviously a lot of small steps that have been left out of this blog to keep you from falling asleep.  For more information contact your Realtor today and bombard them with questions! Be sure to ask about seller’s assist options and FHA vs CONV Financing.  If you don’t have an agent, call me and I will be glad to answer all your questions.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Even in a down real estate market it’s very important to “know” the market.  Have your Realtor run comps and show you exactly what is going on in the neighborhoods that you are searching.  Remember to never break the golden rule in real estate. (do not overpay)  Although overpaying is harder to do nowadays, I still see it all the time.  An educated buyer is the best kind of buyer.  That being said remember that every state, city and “CenterCity” is different.  One house that has caught my attention sits on the 8XX Block of Kimball St. in Bella Vista Philadelphia.  For more information on this property or any others in Center City Philadelphia, call your Realtor!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox
and
Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

If you are currently in the market for real estate in Center City Philadelphia or have been considering looking, now IS the time!  The interest rates actually hit an all time LOW last week and dipped to a 3.875!!!  Let me say that again, 3.875!!!  If you are currently in the position to buy or to start looking, jump on this opportunity while it’s here.  For information on getting pre-approved contact your Realtor and ask them to direct you towards a mortgage consultant who can help you with this process!!!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and
Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

This 3 bedroom 1.5 bath newly rehabbed home sits on a perfect block in Bella Vista over looking Palumbo Park.  1st floor is a living room / dining room combo with spacious kitchen and access to the full finished basement with powder room.  2nd floor is the master bedroom with huge walk-in dressing room and large bathroom.  3rd floor is 2 bedrooms, access to the attic storage and roof deck.  This is great opportunity to own a beautiful home over looking the park and city skyline!!  For more information contact Zach Skidmore.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106