The Philadelphia Real Estate Blog

Relocation: Step 3  Getting Directions To Your New Home

Real Estate Relationships Are A Two Way Street

We have been an out-of-towners many times in our life such as on vacations or in our daily travels that take us to uncharted new territories. And we've had the experience of being a little lost and needing to ask a kind stranger for directions on occasion. Sometimes we get lucky and the stranger gives us perfect directions and other times we have found ourselves driving in circles and no where near our destination. What we are trying to illustrate here is not the importance of having a Navigation System but it is to stress the importance of getting good council when charting your course to buying a home. Unlike simple street directions, buying a home involves many intricate steps and it is not not a simple series of one way streets and friendly strangers with a good sense of direction.

The Challenge

Relocating and buying a home requires aligning yourself with good people and mutual relationships. Once you understand the 2 preliminary steps including the neighborhood research (Step 1) and you have been prequalified to buy (Step 2), then you are completely ready for Step 3. This third step is great because you can finally rely on someone else to do some of the navigating for you !

Now it is time for you to select a Realtor.  A Realtor is a professional that has the training and experience to help you through the entire buying process. The relationship you want with a Realtor is a 2 way street. You want the Realtor to be 100% committed to you and you want to be 100% committed to your Realtor. When it comes to relocating and buying a home, you require and deserve that level of assurance as you proceed. But the process of choosing a Realtor should not be like picking any old stranger on the street for directions. Do that and you never know what you will get. That is way too risky. It should be a more thoughtful and selective decision. You want to choose a Realtor who is knowledgeable, experienced, someone you feel comfortable with. Their job for you will require much more than just opening the door to a home. It requires knowledge of the Real Estate market, knowledge of the mortgage industry, understanding contracts and disclosure rules, knowing and practicing ethical behavior, having a high level of negotiation skills, exceptional organization skills, and so much more.

Step 3: Find A Realtor That Will Provide You With Exceptional Service as a Buyer's Agent

Finding a Realtor is very important but it is not as difficult as it may first appear. We have some simple suggestions that might point you in the right direction.

1) Ask a friend, family member, or Realtor contact for a referral. Even if you are out of state, many Realtors have incredibly strong networks that span across the US and abroad.

2) Go online - search the Internet who those Realtors that have a strong presence in the areas that you are interested in.

3) Review their websites and blogs to get a feel for who they are as well as research their experience.

4) Real this blog post - 5 Steps to Choosing a Realtor

5) Initiate contact via email, phone or text.  Once you speak with the Realtor, you will have a good idea if you gel and/or feel comfortable with the Realtor... that they are a good fit for you.

Now the fun begins !  You have done your research, you are preapproved for financing and have your trusted Realtor on your side.  You are more than half way there !  Congrats on moving forward to your new home !

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If interested in relocating to Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can also connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more ! 

Relocation: Step 2 - Following the Numbers To Your New Home

Understanding Where You Are And Where You Want To Be

Our hearts go out the the out to all of you brave out-of-towners who are relocating to an area that is new to you. We understand that even a simple mile can make all of the difference to a person's life. Change does not come easy to everyone and buyng a home certainly offers it's own set of stressors. Once your decision is made to move and you understand your role and techniques in finding the right neighborhood as we suggested in Relocation: Step 1 The First step in Buying Your New Home, then you are ready for Step 2 !

The Challenge

The second challenge is finding out where you are financially and where you want to be as far as the right price range for the home you will be buying. Knowing what amount of money yo can afford to spend on a home is going to really narrow down the number of neighborhoods in which you will be looking. So Step 2 works to trim the fat, if you will, on Step 1.  Once you know what you can afford to buy even as a lease purchase option, there will be some neighborhoods you can completely scratch off of your list before making arrangements to visit and explore. Whew, that sure saves a lot of time and energy !

We suggest immediately speaking to a mortgage broker or bank to determine what you may be preapproved for.  Speaking to a mortgage representative now will help you do two very important things. First, it will give you a comprehensive overview of your current finances and thus present to you an idea of what mortgage products are available to you. Second, it will give you an idea of what property price range you can afford and what your mortgage payment will look like. 

If you must relocate and find that you are not qualified to purchase right now then your meeting with the mortgage broker or bank is certainly not in vain. This is your opportunity to create an action plan that will get you ready to purchase a home sooner than later. That may mean building a job history, fixing your credit, or determining how much money you will need to save for a down payment.

Step 2: Speak to a Bank or Mortgage Broker immediaely for a Mortgage Pre-Approval

Banks and Mortgage Brokers have all of the info you will need at their disposal. Here are a few tips and questions to help you gather the information you'll need to find a home:

1) Prepare to have the following documents at hand: Pay stubs, tax returns for 2 years and bank statements.

2) Ask the Broker to explain to you all of the loan products you qualify for and their pros and cons.

3) Ask what your monthly mortgage payment will look like.

4) When calculating your mortgage and closing costs do not forget to add the city's transfer taxes (in Philadelphia the buyer pays 2% of the sales price but in other areas the percentage is different).

5) If you find you are not qualified for a mortgage, find out why and ask the Broker to help you put a game plan together for you so you can get qualified sooner than later.

Please stay tuned for Step 3 of our relocation blog series !

Identify the Challenge and Embrace the Journey

We get a lot of email and phone calls from out of town people looking to relocate to Philadelphia, thinking either of buying a home, renting a home or condo or considering lease purchase options.  Buying a home from long distance poses some obvious challenges:  It involves all of the human senses and is a hands on process and can not be done confidently from long distances.  The Lease Purchase and Rent-to-Own alternatives to buying really seems to resonate with many out of towners. I suppose it is because the idea of Renting with an Option to purchase takes some of the fear and risk out of the equation. And, in our opinion, it is a smart option to choose and preferable for some people over just renting.  But if you are relocating from another county, another state or from another part of the world, there are 3 main challenges for folks like you. And with each challenge we have a step you can use to propel you forward into your now home !

The 1st Challenge:

One of the biggest challenges for out of towners is that they are often completely unfamiliar with the area in which they are planning to move.  They google and ask questions, look at maps and whatever else they can do in the comfort of their own home or office. But step 1 defies that method.  Online research makes sense and is quite helpful, but there is no better research than visiting neighborhood personally.  Step 1 compels you to visit the area in which you will eventually live.  And for very good reasons.  For example, in Philadelphia alone there are several dozens of subdivisions that make up our great city. And we are not unique in that respect. Every city offers many wonderful places a person can live. Thus narrowing down a location for an out of town buyer takes time and due diligence on the buyer's part.  I will say it again. Finding the right neighborhood requires due diligence on you the buyer ! We stress this because we are frequently asked by a prospective out of town buyer to give them personal tours of Philadelphia. To you know, "get the feel" of the area. As well intentioned as these folks are and as flattered as we are that they should choose us to do that, we typically decline.  As should every Realtor in our opinion.  A Realtor can do many things within the scope of their profession but being a tour guide is not the best use of their skills.  A Realtor can tell you about a neighborhood, even share their personal opinion and their market knowledge but in order to find the right neighborhood, you will have to physically do the field work and research yourself. Again, it takes time to do that and you are the one responsible for doing the research and taking the time to do the touring.

STEP 1: Do your homework and visit the neighborhoods you have been researching.

It is a fun an exciting journey learning about a new place ! Some of the suggestions we offer to people from out of town are:

1) Plan several day trips or long weekend trips and each time visit 2 areas.

2) Plan to drive, bike or walk and pack the necessary gear for weather and plenty of walking.

3) Plan your destinations and research or keep an eye open for the following: food markets, gas stations, the local gym, parks, restaurants, drug stores, coffee shops, libraries, schools (if you have children), hospitals, entertainment complexes, dry cleaner, public transportation hubs, malls, post offices, and any other domestic or creature comfort that you require to make you life what you want it to be.

4) Bring a digital journal, camera and or a simple note book will due to keep track of your thoughts, questions, and comments.  Your Realtor can help answer some of your logistical questions and your notes will further enrich your research when you get home.

A recent example is that clients of ours from out of State were considering buying a home. They seriously considered a lease purchase for the very same reasons we mentioned above. And they were open to an immediate purchase if they found "the perfect home".  After many many miles, several visits, to Philadelphia, and a lot of looking at homes, they came to the realization that they needed more time to decide on a neighborhood. So, they chose a short term month to month rental arrangement in Philadelphia where they now live temporarily. That choice allows them some time to explore the different areas of Philly on a more relaxed schedule before they make the big plunge and buy a home whether it be a lease purchase or regular purchase.

Please stay tuned for Steps 2 and 3 of our relocation blog series !

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If interested in relocating to Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can also connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !