Philadelphia - A City of Phirsts

Chances are good if you had any American History class at any point in your life you know Philadelphia as the place where the Nation came into existence, where its first key documents were penned and where the system of government nations around the world now use was created and introduced.  Philadelphia, without question, is a city of firsts.  

The “City of Brotherly Love” boasts some of these key firsts:

·         The first zoo in the United States

·         The first Medical school and University

·         The first organized Hospital

·         Has the oldest running theater in the United States

·         The first stock exchange and US Mint

·         The first computer in 1946; the computer weighed 27 tons

Every June the nation also celebrates one of Philadelphia’s other famous firsts - Betsy Ross sewed the first American Flag in Philadelphia during the summer of 1776.

Art connoisseurs throughout the country know Philadelphia for its contributions to mural painting and impressionism.  Thomas Eakins is widely regarded as one of the best painters of realism in the 19th Century; he is also renowned for educating some of the areas best.  The “New Hope School” of impressionism brought fame to artists such as Edward Redfield, Daniel Garber and Fern Coppedge.  The “Plein Air” paintings are still some of the best representations of the beauty of Bucks County found today.  Museums in the area are plentiful, including the Barnes Museum (which recently moved from Montgomery County into the City) and the world-famous Philadelphia Museum of Art.  In the suburbs the Brandywine Museum is well-known for its Andrew Wyeth collection and the Michener Museum in Doylestown, Bucks County has found acclaim for its impressionist collection.  The city of Philadelphia boasts close to 2000 outdoor murals and has earned the moniker “mural capital of the U.S.”

Based off of William Penn’s original design, the city’s neighborhoods are mainly walk-able.  Some of the most notable areas include Washington Square, Society Hill, Bella Vista, Queen Village, Logan Square, Rittenhouse Square, Fitler Square, Old City and South Philadelphia.

If you love seeing shows then you can hop on the train and visit the Broadway in just an hour and half. You can also visit The Walnut Street Theater, known as the oldest theater in America. If you love musicals then Kimmel would be the best. Philadelphia is also famous for Fringe Festival and the Philadelphia Film Festival.

The city is great for young families with children. There are plenty of parks and playgrounds in every neighborhood. The Please Touch Museum in Fairmount Park and the Franklin Institute along the Benjamin Franklin Parkway are known throughout the nation for their unique and fun offerings for children.

Some historical attractions in Philadelphia that are worth mentioning here:

The Liberty Bell is the symbol of freedom in Philadelphia and its ubiquitous crack is still visible and attracts thousands of tourists every year. The bell is hung in the Independence Hall.

The National Constitution Center is another major point of attraction in Philadelphia and is noted for its rich collection of changing and permanent exhibits. And you have special events too.

If you want to see the spot where Benjamin Franklin's house once stood, then head to the site known as Franklin Court. You can see a steel-framed outline of his home, a working post office, print shop and the one that attracts most people - the museum.

In short, Philadelphia is an amazing city going through a major cultural renaissance - an excellent art scene in the south, a converted fisherman's village in the north and very bustling commercial center. The city is abuzz with a rich history, mouthwatering culinary and plenty of physical activities. Affordable urban living attracts people of diverse backgrounds, and the city’s recent tax-abatement programs for new residential construction has generated a renaissance of condominium and luxury suite living.

Join Forces with Your Agent to Sell Your Home Faster

Selling your home can be as collaborative as you want. More than ever, sellers want to assist the agent in marketing their home with additional photos (such as spring time garden pictures with listings in the fall and winter) and even starring in videos featuring their property. Many agents will ask you to review and collaborate on the property description, brochures and the over-arching theme of the marketing. Keep in mind that we have follow certain advertising rules and comply with the Fair Housing Act.

Photos Rank High

Photos can make or break your listing. Buyers are looking at the price, a tiny bit of descriptive information and a thumbnail photo on a page of similar listings. Your listing has to stand out. Year after year, surveys tell us that the photos are the most important piece in marketing your home. Some agents have made photography part of their package - meaning they have the equipment and the know-how to take great photos. Others will hire a photographer to get the job done. Either way, the end result has to be great photos.

Copy Matters

Make sure you share all of the details about your home with your agent. They will measure your rooms, gather all of the necessary details needed to load the listing and write up the listing description. The description should be reviewed and speak up - use this opportunity to make sure you are showcasing the best features of your home.

House vs. Home

You might be selling your house, but the buyer is looking for a home. You are not "selling the house". You are selling the promise of a lifestyle and memories made there. Your prospective buyer should envision himself as living there with his family. Rather than the house, it is the idea of living in a home that should be projected. 

What Does it Really Cost to Buy a Home?

An Idea of the Cost

When you do the calculations on the initial costs, the recurring costs and the net proceeds, you will see that buying a home is certainly advantageous. In addition to your deposit(s) and money down, you will pay fees to your mortgage company, title insurance, prorated taxes/water/sewer, recording charges and other fees. You will be required to secure homeowners insurance (paid in full) and have your declaration page in hand as required by your mortgage company. Depending on your mortgage program, you can expect to pay roughly 5 to 8% of the sale price in closing costs.

Remember, there are some fabulous advantages to owning a home that go way beyond being the master of your own domain ...

• Tax Deductibility You can deduct the cost of your mortgage loan interest from your state and federal income taxes. Since interest generally will account for most of your payment during the first half of your mortgage, the savings can be significant. Some of your costs at the time of closing (including prepaid mortgage interest) can be taken as deductions on that year's income tax return, and points paid up front at the time of closing represent additional mortgage interest and may be taken as a deduction.
• Tax Deductibility of Property Taxes You can deduct all of the property taxes you pay.
• Appreciation Potential Real estate is considered a good long-term investment because it usually appreciates in value. The effects of borrowing potential can increase as the value of the home appreciates.
• Capital Gains Exclusion When it's time to sell your home the amount of capital gains you have to pay is reduced. A homeowner can exclude up to $500,000 per couple if married and filing jointly, or $250,000 if single or filing separately for homes that have been the taxpayer's principal residence for the previous two years.
• Capital Gain Treatment Congress allows preferential tax treatment on gains from capital assets held for more than one year. This would be important for a homeowner who has gains in excess of the allowable exclusion.

Know your monthly nut

Before meeting with a loan officer, work with your real estate agent to determine your monthly nut. How much can you comfortably afford to pay for a mortgage and all of the costs that go into monthly homeownership each month? Your Realtor(r) can give you an estimate of your monthly mortgage payment at a few different price points and in a few different areas to assist you in narrowing things down.

If you are not ready to reach out to an agent yet, do some homework on your own. Access market data for 400+ areas here: www.cbhearthside.com/marketdata. Click on "click here to find market data on a specific area or zip code" in the middle of the page to get started. Here is a peek of what you will get:

Bottom line: What does it really cost to buy a home? It depends. Some of it is up to you! Your agent and loan officer will make sure you are aware of all the fees to purchase.

Do some research, talk to a Realtor(r) and have a little faith! You can totally do this ... if your financial situation does not allow it at this time, your agent and loan officer can give you some great information and guidance to put you on a path to homeownership.

Don't Let Fear Stop You from Buying a Home

Economic uncertainties have caused many people to focus on keeping their jobs rather than buying a home. If you want to buy home, at least speak with a Realtor(r) to understand your current options. Often, with proper advice and guidance, you can make it happen.

The Fears/Uncertainties

1. The mortgage rate is slightly higher than last week causing buyers to put their home buying plan on the back burner. 

2. Real estate is filled with terms with which buyers may not be familiar. 

3. Buyers are unsure that the prices of the homes they are looking at online are priced correctly. They want a deal.

4. Coming up with down payment money, closing costs and paying a mortgage each month can be big scary numbers for all of us.

5. Buyers may be wondering if real estate is the right investment right now.

The Solutions

Let's see if we can quash some of these fears and uncertainties ... 

1. Mortgage rates will always fluctuate. Now is still a great time to buy and mortgage rates are still super low. Focus on your monthly nut - how much can you afford each month? Then talk to a Realtor(r) and they can hook you up with a mortgage broker/banker to determine your price point - whatever the mortgage rate. The loan officer will help you determine if it makes sense to lock or float your rate based on the current information.

2. There are tons of scary terms in real estate - we agree! Let an agent put you at ease and break these terms down for you so you know exactly what to expect.

3. Wow, only at #3 and clearly, you need a Realtor(r) ... they have access to the MLS and can tell you what similar homes in the same neighborhood are selling for so you can feel confident about your price.

4. Your agent knows lots of great loan officers and together they can educate you on the various programs that are available in your area. They may have options that you did not know existed.

5. Long term - real estate is almost always a good investment. An agent can help you determine the best areas to buy in right now.

You can do this - reach out to a Realtor(r) today and get the conversation started. The first call/email is always the hardest, but we have your back. No fear!