What is a Seller’s Assist?, Philly and the suburban markets and updated Eagles schedule!

by Brad Gellman

What is a Seller’s Assist and How Can It Help You Buy a Home?

A lot of you have been asking about how to buy a home if you can afford the monthly payments but are finding the down payment a bit challenging. This is where a Seller’s Assist can be incredibly helpful. Recently, I put a property under contract for one of my clients who found their dream home, but there was a bit of a bidding war. They knew the only way to secure the home was to offer at least the asking price. While the down payment was doable, it was still a bit tight. So, we decided to offer $10K over the asking price but request a $10K Seller’s Assist. This way, the seller got their asking price, and my clients were able to purchase the home without stretching their budget too much.

Here’s how a Seller’s Assist could be the solution for you: simply put, a Seller’s Assist allows the seller to cover a portion of your closing costs, which reduces the amount of cash you need at closing and makes buying a home more affordable. Depending on the type of loan, the seller can contribute up to 6% of the purchase price toward closing costs, which takes a lot of pressure off your budget.

Here’s how a Seller’s Assist can benefit you:

Lower Out-of-Pocket Costs: Helps reduce the cash needed at closing.

More Flexible Budget: Leaves extra funds for moving expenses, home improvements, or savings.

Makes Homes More Attainable: Especially helpful for first-time buyers or those with limited upfront funds.

Win-Win for Buyers and Sellers: It makes your offer more attractive to sellers while giving you financial breathing room.

I have many more stories of how a Seller’s Assist has helped my clients cover down payments, repairs, and more. If you’re thinking about buying, let’s talk about how we can use a Seller’s Assist to make your dream home a reality!

What’s going on in the Philadelphia Market?

Philadelphia City Market Update:

The Philadelphia city market has been showing resilience despite the shifting economic climate and rising mortgage rates. Home prices in the city have remained relatively steady, with certain neighborhoods, particularly in Center City, South Philly, and Fishtown, seeing continued demand. Inventory remains tight, which is keeping competition moderate, though not as intense as it was during the height of the pandemic.

Buyer Tip: In this market, buyers can benefit from less competition, especially as fall sets in. Sellers are more open to negotiations, including price reductions or Seller’s Assists, which can help with closing costs.

Seller Tip: Pricing competitively remains key to attracting motivated buyers. Homes that are well-presented and priced right are still moving quickly, especially in desirable neighborhoods.

Philadelphia Suburban Market Update:

The suburban market around Philadelphia is also experiencing a strong, steady pace, though higher interest rates have softened some of the extreme competition seen in previous months. Areas like Montgomery, Bucks, and Chester Counties continue to attract buyers looking for more space and quality schools. However, the lack of inventory is still an issue, keeping prices relatively stable, and in some cases, even rising.

Buyer Tip: While prices remain high in the suburbs, this fall season could bring opportunities for buyers to negotiate more favorable terms, particularly with motivated sellers looking to close before the end of the year.

Seller Tip: If you’ve been considering selling, this is still a favorable market. Buyers are looking for well-maintained homes, especially those that require minimal updates, so investing in curb appeal and minor upgrades can make a big difference.

Eagles game schedule, daylight savings time and happy Halloween!

Thank you to those who attended the free client photoshoot! So many different groups came out, and you can see a few of the photos below. For those of you who wanted to join but couldn’t make it, I’m excited to announce that I’ll be hosting another one in the spring! Keep an eye on the newsletter over the next few months for details on the time and location. Once again, it will be completely free, and you’ll receive all the high-resolution digital photos with no restrictions. It’s just my way of saying thank you for being such amazing clients!

By now, most of you should have received my Eagles football schedule magnets (if you didn’t, I still have a few left—just let me know, and I’ll be happy to send one your way.). A quick note: the NFL has shifted the start time for the next game, 11/3, will be at 4:05 PM instead of 8:15 PM. Also, don’t forget that 11/3 is daylight savings, so be sure to set your clocks back and change the batteries in your smoke detectors.

Have a happy Halloween, enjoy your parties and trick-or-treating, and I look forward to connecting with you soon!