Hey there, future Philadelphia neighbor!
My name is Dawn D’Amico, your friendly neighborhood Realtor, and today we’re diving headfirst into the exciting world of buying a home in the amazing Philadelphia Metro area.
If you’re considering making the move, you’re in the right place.
But first, let me ask you a question: Are you ready to avoid the top 5 mistakes that could turn your dream home into a nightmare?
Well, stick around, because we’ve got some insider tips coming your way!
And my last tip is the BIGGEST of all ESPECIALLY when buying NEW construction…
Let’s get down to Buying a Home in Philadelphia, Pennsylvania — TOP 5 Mistakes to AVOID! in The Philadelphia Metro area.
#1 Not getting pre-approved for a mortgage
This is one of the most important things you can do before you start house hunting.
Listing agents won’t even LOOK at an offer without a pre-approval letter OR proof that you have the cash to cover the cost of the property.
Getting pre-approved also helps YOU set a budget.
When you are pre-approved for a mortgage, you’ll know exactly how much money you can borrow. And your approximate mortgage payment, too.
Maybe you are approved for $500,000 but the monthly payment isn’t something you can handle. Well then, you’ll have to adjust your search to homes at a lower price point where the monthly payment matches your comfort level.
The ONLY way to do this is talk to a mortgage professional who can help you break it down. This will help set a realistic budget for your home search.
Scrolling ZILLOW and daydreaming is the new PORN for would be home buyers these days!
Don’t be one of them. Get into reality and find out what you can actually buy today. And, get started early.
A good agent won’t even take you to look at homes unless you’re preapproved or have proof of cash to purchase the home.
Should a homeowner be bothered to leave their home for a showing to a buyer who may or may not even be able to make the purchase? Of course not! You wouldn’t want that if you were the homeowner either.
You know the first sign of a bad agent is one who WILL show property without knowing if the client can afford the home. It means they are desperate for a sale.
Beware, they may pressure you into a home that’s not right for you.
When looking for a pre-approval — shop around for the best rate AND the best service, too. Compare interest rates and fees from different lenders before you choose one.
Make sure the the lender is LOCAL and available on weekends, at the very least via email if not TXT and phone just like your realtor would be.
FOR THE LOVE OF GOD do not use Rocket Mortgage or any other lender using gimmicks or anything else that seems too good to be true.
This is VERY IMPORTANT — Provide accurate information. When you’re applying for pre-approval, be sure to provide accurate information about your income, debt, and assets.
IF you don’t — it could delay or even derail your home buying process.
Whatever is going on with your finances WILL COME OUT of the closest in the end if not disclosed.
Trying to cover things up like a past bankruptcy, a child support payment for a kid no one knows about but you….Any of that stuff will be found. So if you’re dealing with that, just be up front.
There is usually a work around AND it’s best to know ahead of time before YOU spend money on Buyer Elected Inspections, appraisals, loan origination fees and so forth. You won’t get any of that money back if the sale goes south.
I’ve seen this happen MANY times — Making major purchases before you close on your home.
Once you’re pre-approved for a mortgage, it’s important to avoid making any major purchases that could affect your credit score or debt-to-income ratio.
This is because lenders will check your credit again before you close on your loan.
Talk to your lender and make sure your debt to income ratio will not be in jeopardy by pre-ordering any furniture or appliances on your new home before closing.
#2 Not being prepared to act quickly
This is a big one I see when hopeful home buyers first get started in their search.
Here are some tips for being ready to pounce when you find the perfect home:
Being pre-approved, obviously, but also having your paperwork in order.
This includes proof of funds for your down payment money and closing costs, and any other documentation that your lender may require.
Get familiar with the documents you will be asked to sign by your agent when you find your dream home. Sometimes, there may be very little time to read the fine print when the time comes to make a quick offer so get them ahead of time.
If you’re serious about buying a home, be prepared to make an offer as soon as possible. I see a lot of first time buyers get stuck on this one.
Early on they find a home they LOVE but they are too afraid to commit since they just started looking.
Then they never find another that can top that one and now, it’s gone. SOLD to another family.
In a competitive market, homes can sell within hours or even minutes of being listed.
As an agent who lists many of homes too, I can tell you I have literally had calls minutes after hitting the LIST button on the MLS.
Not ALL the time, but it has happened!
Buying a home in a competitive market can be challenging, but it’s definitely possible with the right preparation and guidance from a REALTOR like myself so just reach out anytime you’re ready.
By being prepared to act quickly, you can increase your chances of landing your dream home.
#3 Not getting a home inspection
A home inspection can help you identify major problems with the home.
This includes things like structural problems, electrical problems, plumbing problems, and roof problems.
If you buy a home with major problems, it could cost you a lot of money to fix them down the road.
A home inspection can also help you negotiate the price of the home. If the inspector finds major problems with the home THAT WERE NOT ALREADY DISCLOSED, you can use this information to negotiate a lower price with the seller.
Some inexperienced agents will tell their clients to offer a ridiculous price and then use the home inspection as a way to renegotiate AFTER the offer is accepted.
Please know that is not what an inspection is for, it’s to uncover unknown and undisclosed defects that are of major consequence to the value or the property.
A home inspection can help you get peace of mind. Knowing that a “qualified” professional has inspected the home and that there are no major problems can give you peace of mind and help you feel confident about your purchase.
I put QUALIFIED in quotes because in the state of Pennsylvania there isn’t much qualifying to get an appraisal license.
This is different in New Jersey and I’m sure in other states, too, but I can only speak about where I am licensed as a Realtor.
You will be paying hundreds of dollars for your inspections so be sure to do your own due diligence and find one with the best reputation.
Here are some tips for getting the most out of your home inspection:
Be present for the inspection. It’s important to be present for the inspection so that you can ask the inspector questions and learn more about the condition of the home.
Review the inspection report carefully. Once you receive the inspection report, take some time to review it carefully.
If you have any questions, don’t hesitate to ask the inspector for clarification because you paid a LOT of money for that service.
It’s important to note that no home inspection is perfect. Inspectors are human, and they can make mistakes. Additionally, inspectors cannot see through walls, so they may not be able to identify all of the problems with a home.
However, a home inspection is still an essential part of the home buying process. It can help you identify major problems with the home and protect yourself from hidden repairs.
Here are other examples of problems that a home inspector may not be able to identify:
An inspector cannot see through walls to identify mold or termite damage.
An inspector may not be able to identify a leaky pipe if it is not leaking at the time of the inspection.
Problems that require specialized knowledge. For example, an inspector may not be able to identify problems with the electrical system or plumbing system without specialized knowledge.
Even though a home inspection is not totally foolproof, it is still a valuable tool for home buyers. By getting a home inspection, you can identify major problems with the home and protect yourself from hidden repairs.
#4 Not doing your research
Ultimately, no one but yourself will be able to determine what feels like home to you.
It’s important to listen to your gut and choose a neighborhood that feels right to you.
Think about your lifestyle. What kind of lifestyle do you want to have?
Do you want to live in a walkable neighborhood with easy access to public transportation? Or, do you prefer a quieter neighborhood with more open space?
Consider your needs and budget. What are your needs and budget?
Do you need to be close to work or school? Do you have a certain price range in mind?
I can help narrow it down based on price points.
Make sure you visit different neighborhoods. The best way to get to know a neighborhood is to visit it in person. Take a walk around, explore the shops and restaurants, and talk to the people who live there.
Trust your gut. Ultimately, you need to choose a neighborhood that feels right to you. If you have a good feeling about a neighborhood, go for it!
Niche.com is a great resource for learning about different neighborhoods.
They provide data on a variety of factors, including crime rates, school quality, amenities, and cost of living. You can use this data to narrow down your search and find neighborhoods that meet your criteria.
Niche.com provides detailed information on each neighborhood, including crime rates, school quality, amenities, and cost of living.
Also, read the reviews. Niche.com allows users to leave reviews of different neighborhoods.
This can be a helpful way to get feedback from people who live in the neighborhoods you’re considering.
Once you’ve found a few neighborhoods that you’re interested in, you can EVEN use Niche.com to compare them side-by-side.
This can help you make a decision about which neighborhood is the best fit for you.
Remember, finding a neighborhood that feels like home is a personal decision.
The most important thing is to choose a neighborhood that you love and that meets your needs.
#5 Not hiring a great REALTOR, not just a real estate agent
A great Realtor like myself knows the Philadelphia housing market inside and out.
And we are bound by a code of ethics that people without the designation of “Realtor” are not bound by. We have a fiduciary duty to our clients to work in their best interest and not our own.
Google for more info on that….
There is no downside to using a buyer agent in the Philly Metro.
Some buyers think they will get a cheaper price by using the listing agent or even going straight to a new home builder and not securing their own Buyer’s Agent first.
I can’t tell you how many people I’ve talked to who made the mistake of doing that and then had no one to back them up when things got hairy with their purchase.
I can help you find homes that meet your needs and budget, and I can also help you identify homes that are about to hit the market.
I’m a skilled negotiator. And, I will help you negotiate the best possible price on your home purchase.
I will help you navigate the closing process and make sure that everything goes smoothly.
I will help you avoid making common home buying mistakes like overpaying for a home, buying a home with hidden problems, or making a bad offer.
You’ll save time and hassle with me handling all of the details of the home buying process for you. This includes things like scheduling appointments and negotiating offers.
Knowing that you have a great Realtor on your side can give you peace of mind during the home buying process. This is especially important if you are a first-time home buyer or don’t know all the ins and outs of the buying process in a new location.
You’ve just learned how to avoid the Top 5 Home-Buying Mistakes.
But here’s BIGGEST MISTAKE to Avoid…NOT reaching out to me for help.
I’m here to answer your questions, show you the best properties, and guide you through this exciting journey.
Thanks for reading!
Remember, buying a home should be fun and exciting, not stressful.
And with me by your side, you’ll have the best experience possible.
Don’t forget to like this article and follow my blog so you never miss our valuable insights.
Until next time, this is Dawn D’Amico, your Philly Realtor, signing off. Can’t wait to meet you!
📞 Dawn's Mobile: 215-962-9307, eXp Realty: 888-397-7352
📧 Email: dawn.damico@exprealty.com
🔗 More Info: https://bit.ly/3X9Ju4x
