Buying a home can be exciting and intimidating, especially if you’re a first-time homebuyer. City Cast Philly recently spoke with two housing experts to break down the buying process, budgeting, and all the resources you need to secure your dream home. Here are a few of those tips and tricks:
Is Now the Best Time To Buy?
“Philadelphia is booming. Philadelphia is hot,” says Abraham Reyes Pardo, vice president of the Office of Housing and Diversion Services at the Urban League of Philadelphia. People from New York, Washington, and Maryland are also entering the Philly buyers’ market. While he says Philly is still an affordable city, he believes Philadelphians should proceed with “a sense of urgency.”
If you’re concerned about interest rates, Mary Harper, the Urban League’s director of housing, says that interest rates are still at an all-time low — a carryover from the COVID era.
If You Believe, You Can Succeed
Many people believe home ownership is a far-fetched idea, especially if they come from economically disadvantaged communities. If that sounds like you, take advantage of housing counseling and first-time homebuyer webinars.
Apply for Financial Assistance
Various programs and organizations provide grants and funds for first-time homebuyers. The City of Philadelphia’s Philly First Home program covers up to 6% of a home’s purchase price, while the Urban League offers a $1,000 grant that goes toward closing costs.
