Brian Chica, is a Spanish-speaking agent who joined the PhillyLiving Team this May. He has been helping a number of clients to buy and sell in a changing market. According to Brian, he sees that the market is slowing down a bit but it is nowhere near stagnant. He’s encouraged by the fact that many of his investor clients from out of town are moving to Philadelphia to invest because both Pennsylvania and Philadelphia have been relatively stable markets in terms of home value. For those who are not real estate investors just yet, Brian offers a few tips below for buyers and sellers today:
Suggestions for Sellers
Brian believes that in this shifting market, sellers need to empathize with and accommodate the needs of buyers a bit more in order to get their home sold. With rising interest rates and inflation, it’s become tougher for first time home buyers. Brian suggests providing a seller assist to the buyer such as 5% back at closing time. Currently, this is being called “buying down the rate” since it minimizes the impact of the high interest rate on the buyer. Another option for sellers to consider is offering to cover the closing costs for a buyer. Seller’s should do everything they can to negotiate and sweeten a deal. Furthermore, Brian urges his seller clients to get a pre-inspection done on their home before it hits the market. A comprehensive pre-inspection report will give sellers an opportunity to get ahead of making any necessary repairs that may be deal-breakers to a potential buyer or have them accounted for in the asking price.
Suggestions for Buyers
Although the market has declined some, it has not declined drastically. However, Brian is seeing a lot of cash buyers making extremely low offers, which is not something he recommends. Brian does recommend making a fair offer and using the creative financing options available. There are many programs that buyers can use to their advantage if they only educate themselves about the options. Be sure to work with a skilled mortgage professional who can discuss all the creative options, which include but are not limited to an FHA Loan, an Adjustable Rate Mortgage (ARM), and even a rent to buy option through Landis.
Have any questions about the market or want to connect with Brian? You can contact him at [email protected] or 267.361.4326.