Philadelphia, Pennsylvania, is the largest city in the state, with over 1.5 million residents calling it home. Its remarkable size even ranks it among the largest in the United States, placing it in sixth place behind Phoenix, Arizona. That size ensures something for everyone, whether you’re drawn to the city’s historic charm, thriving arts scene, lively sports culture, world-class attractions, or diverse neighborhoods.
You’ll find all sorts of big-city amenities within city limits, from cultural and entertainment venues to restaurants and luxury accommodations. If you appreciate big-city living, Philadelphia might be an appealing place to put down roots. Whether you’re in the early stages of searching or have found an available home you love, having help from a knowledgeable realtor is essential.
Why Work With Our Philadelphia Realtor
Philadelphia’s real estate scene is booming. It’s complex and constantly changing, requiring the expertise of an experienced and knowledgeable realtor who understands the nuances of the city’s many neighborhoods. That’s where skilled Philly realtor Thomas Hudak comes in.
With 20 years of experience helping Pennsylvania residents buy and sell their homes, Thomas Hudak is prepared to help you navigate your real estate journey. He possesses an in-depth understanding of Philly’s ever-evolving real estate market and can help you find the best options to suit your budget and lifestyle.
He prioritizes communication, transparency, and 110% client satisfaction to ensure you get a tailored experience that aligns with your unique needs. If you’re getting ready to buy or sell a home in Philadelphia, Thomas can help streamline the process.
Philadelphia Real Estate Market Overview
Philadelphia’s real estate market is just as diverse as the city itself, offering everything from historic homes to luxury high-rise condos to multi-family investment properties.
Rowhouses, one of the most iconic features of Philly’s architecture, are found in almost every neighborhood. They come in a variety of styles, including the classic brick exteriors common in Queen Village and the more modern designs in neighborhoods like Point Breeze.
Beyond the rowhouses, buyers can sift through the many luxury condos dotting Philly’s skyline, especially in areas like Rittenhouse Square and Center City. These homes often come with elite amenities, such as doormen, fitness centers, and rooftop pools, for a more modern and luxurious living experience.
If you’re in the market for a new build, Philadelphia is sure to impress. The city has seen a boom in development in recent years, especially in areas like Northern Liberties and Kensington, where new construction townhomes and condos are constantly popping up.
Or, if you prefer historic homes, check out neighborhoods like Society Hill and Old City, where 18th and 19th-century homes have been carefully restored. These homes exude old-world charm, offering a glimpse into years gone by.
Given the variety of homes available on the Philadelphia real estate market, it’s no surprise that costs vary dramatically. The average median home price currently sits at $310,000, although many of the historic homes, luxury condos, and new builds tip the scales over the average.
The real estate market is ever-growing, driven by an increasing demand for housing and the city’s expanding job market. Some neighborhoods, such as Fishtown and Point Breeze, have seen rising demand as they undergo revitalization. Other areas, such as Center City and University City, have steadily remained highly desirable locations for their proximity to work, education, and entertainment opportunities.
Current real estate developments are beginning to pop up in various areas throughout the city, especially around Center City. These new projects are expected to draw in new residential, commercial, and retail spaces, creating more opportunities for buyers and investors alike. Given the probable rising demand for housing in the upcoming months and years, now is an excellent time to invest in real estate in Philadelphia.
Common Questions for Homebuyers
What is the Best Way to Negotiate a Home Purchase?
The best way to negotiate a home purchase is to go in prepared. Complete a home inspection to better understand the property’s condition. Research the local real estate market to determine what homes in the area are selling for. Get pre-approved for a mortgage loan before you start shopping and negotiating to ensure you know how much you can afford. Work with a real estate agent who can help you negotiate the purchase. This way, you’ll have everything worked out and will be ready to determine if and when you want to walk away from the purchase.
Should I Get a Fixed-Rate or Adjustable-Rate Mortgage?
The best mortgage, if you’re debating between fixed-rate and adjustable-rate mortgages, depends on your needs and expectations. If you want stability and predictability, a fixed-rate mortgage might be best. These options remain steady in monthly payments, ensuring you know what you’ll need to budget for and pay.
If you want more flexibility, plan to move before the introductory period ends, or expect to receive a significant income increase by then, an adjustable-rate mortgage might be best suited to your needs. These mortgages’ interest rates change at specific intervals once the introductory period ends.
What Are the Steps Involved in Making an Offer on a Home?
If you’ve found a house you love, there are a few steps you’ll need to complete to make an offer. First and foremost, get pre-approved for a home loan. This way, you’ll know how much you can afford to borrow and how much your lender is willing to lend you. Next, iron out the details surrounding your offer price, earnest money, contingencies, clauses, and home inspections.
Once you figure out these details, you can make an offer on your home. Help from a knowledgeable real estate agent can be helpful throughout the process, especially if you’re not familiar with the real estate industry.
Reach Out to Our Philadelphia Realtor Today
Whether you have dreams of buying a historic home in Philadelphia or plan to sell your current residence, Thomas Hudak is here to help you navigate the process. He’s well-versed in the nuances of Philly’s real estate market and can help you confidently navigate the purchase or sale of your home. Contact Thomas today at (570) 814-2888 or complete the online contact form to get started.