Looking To Purchase In 2018

Congrats! You made it to the 3rd week of 2018! Are your New Years Resolutions still in tact? Mine is and I hope yours is too! Or maybe you haven’t gotten started on it. Is your Resolution to get out of your rental and jump into home ownership this year? Great! Here are a few things to know about the 2018 housing market and a couple of great homes in Philadelphia for you to get some inspo.

Your housing costs should not exceed 30% of your take home pay.

I don’t want you to have to give up nights on the town, your daily latte habit, or your favorite yoga studio to pay your mortgage. This 30% rule should at minimum cover the expenses of property taxes and insurance in addition to the principal and interest of your loan. Some would even advise that this cover your recurring costs of utilities and maintenance. If you want to talk to a financial planner to see how this fits, reach out and I’ll put you in touch with one of the best in the business!

Mortgage Interest is still a tax deduction.

2017 brought tax law changes for better or for worse. And while some high-value states (N. Jersey, New York) where home values are often above $750,000 are impacted by the limit on mortgage interest deduction, the average Philadelphia homeowner will look to purchase a home below this $750,000 loan limit. If that’s the case, you can deduct your mortgage interest in full (if you itemize your taxes). If you want to talk to a tax accountant, I have one of those too. Jerry is great!

Spring is a hot time in the market so start now to beat the rush!

It’s no secret that the Spring home market is as vibrant as the city itself. Why not get ahead of the masses and start shopping now?! Homesellers in the Winter are often more motivated than their Spring counterparts so let’s find a deal together.
There are some great homes in Philadelphia that might be a perfect match or just inspire you to jump into the market and let us work together to find your best fit. This is my favorite project in the city right now — the units are moving fast so contact me if you’re interested!
603 Galloway St, 19123: 4 bedroom, 2.5 bath stunning new construction with 1 car garage, roof deck, Wolf and Sub Zero kitchen appliances, and a 10-year tax abatement.
Take a peek here.

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