Fishtown residents are withstanding the heat of a neighborhood real estate market on fire. When Forbes published it's article, "How Fishtown, Philadelphia Became America's Hottest Neighborhood", Philadelphian's weren't surprised. The real estate market in Fishtown has been on a steady incline in recent years. Long time residents have watched the neighborhood change, in a flash, right in front of their eyes. The number one rule in real estate: Location, location, location. Fishtown IS the location in Philadelphia.
Almost 99% of homes listed in Fishtown are selling. And they're selling fast -- in less than 4 weeks. What does this mean for those ready to buy in Fishtown? It means homebuyers need to come fully armored to the bidding war that is likely to occur for the home they have their eye on. Tactics like waiving home inspections and appraisals are being used to edge out the competition. Waiving these critical elements, put in place to protect the homebuyer, might mean winning the home -- but not without huge risk.
So, how else can homebuyer's compete for homes in Fishtown without forgoing their own protection? Here's three strategies for edging out the competition in Fishtown's Real Estate market:
1. Prepare for battle. Some lenders, like loanDepot, can underwrite your loan before you find the home you're going to buy. Coming to the table with a mortgage commitment is a HUGE plus in a hot market, as it shows the seller they're taking less risk on the conditions of your financing and allows you to compete with cash buyers by closing sooner. Choose a lender that can provide this type of ammunition.
2. Think outside of the box. Maybe you've found a home that checks most, but not all of your boxes. If the kitchen needs updating, but you're able to get the home 20K under your initial budget, it might be worth doing your own kitchen renovation. You'll be able to compete with the best offers, and you still won't break the bank. There's benefits to adding the half bath you were hoping for on your own time. Your agent should be able to provide you with a list of recommended contractors.
3. Choose the right agent. In a hot market, there's nothing more valuable than your REALTOR®. Choose an agent who will know how to inform, empower and educate you in order to make your offer the most attractive it can be to the seller. Choose an agent who is knowledgeable in the Fishtown real estate market. Negotiation skills matter now more than ever. Remember, your greatest advocate is your agent.
An expert agent and their database of lenders and contractors will be critical to your success in Fishtown's hot real estate market. Do not go it alone! There is plenty of ways to come out on top in Fishtown without taking huge risks.
Do you need an agent who can help you compete in today's real estate market? Contact Nicole Neff today - Nicoleneff@kw.com