Philadelphia’s best neighborhood
Rittenhouse Square is Philadelphia’s premier neighborhood, featuring exclusive restaurants, nightlife, and luxury real estate. The neighborhood’s reputation for luxury dates back almost 200 years, garnering a reputation as the most fashionable residential area in the city.
Located at the heart of Center City, the historic Rittenhouse Square neighborhood excels in every category. Its bar and restaurant scene offers a wide range of tasty culinary experiences with locales featuring charming outdoor seating overlooking the picture-perfect community.
Photo courtesy of Parc Restaurant Another notable feature is the Rittenhouse Row shopping district. The area features lavish boutiques and popular retail stores for everyone, including Urban Outfitters, Anthropologie, Nordstrom Rack, and H&M. The shopping district features spa salons, fitness studios, coffee shops, bakeries, juice bars, bookstores, and easy access to public transit.
This vibrant Philadelphia hotspot offers luxurious hotels, art galleries, museums, and theaters. Rittenhouse Square entertains all year long and becomes even more magical during the holidays. The neighborhood is home to the renowned Rittenhouse Square Park, which hosts festivals, fairs, farmer’s markets, and events. It’s the perfect tree-filled green spot for relaxation.
Photo courtesy of R. Kennedy for Visit PhiladelphiaAccording to the 2021 Housing Report by Center City District (CCD) and Central Philadelphia Development Corporation (CPDC), a total of 1,386 residential units are under construction within core Center City. This includes 107 condominiums at The Arthaus, the self-proclaimed intersection of art and beauty, along with 60 luxury condos at The Laurel.
However, if you’re currently searching for a place to call home in Rittenhouse Square, you may feel overwhelmed and unsure how to find your dream home in such high demand. The following details how to purchase Rittenhouse Square real estate in a low inventory market.
What does low inventory mean?
When a real estate market struggles with low inventory, there are few properties available for purchase or rent. This can be due to many reasons, such as slow housing construction or a change in trends. For example, many retirees now prefer to stay in their homes rather than downsize. With a shortage of options, it can be very discouraging for buyers trying to find their dream home.
Additionally, low inventory means high demand and a limited supply of properties, resulting in competition between buyers, higher home prices, and quick sales.
How to tackle a low-inventory market
As if finding your ideal home wasn’t stressful enough, low inventory in your desired neighborhood only adds to the stress. However, there are several ways to find your dream home, even when there are limited options.
Know what you’re looking for
You need to have a clear idea of the kind of home you want. Before beginning your search, brainstorm and discuss what you’re looking for in a home. Take into consideration location, views, floor plans, kitchen, closets, landscaping, style of the house, and what suits your family’s needs.
Stay alert, but be patient
With a shortage of listings, the key to grabbing your dream piece of Rittenhouse Square real estate is to stay alert. Monitor the market and any specific home you’re interested in. At the same time, it’s essential to be patient and not lose hope if one of your offers is turned down. Don’t settle for properties you don’t love. Stay persistent and trust that you will find your ideal home.
Be prepared
Low inventory markets see a lot of action. It’s advantageous to be ready with all the necessary paperwork if there’s a sudden turnaround with any property you’re viewing.
If you’re planning to get a mortgage loan, it’s crucial to get pre-approved with your lender, so you can have a pre-approval letter ready to show the seller. Additionally, you may want to consider writing an offer letter that pleads your case. Introduce yourself, explain why you want to buy their home, and let the seller know you will take great care of their property.
When you find a property you’d like to purchase, have the following documents ready:
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Proof of funds
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Proof of employment/pay stubs
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Bank statements
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Credit report
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Tax documents
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Pre-approval letter
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Offer letter
Be flexible
As a buyer in the tight Rittenhouse Square real estate market, you may have to compromise with the seller. For example, offering a higher price (sometimes more than once) might place you at the top of the buyer list and be the action that lands you the deal. Another way of putting yourself ahead of other buyers is by offering to make a sizeable down payment or pay in cash.
You might not find a home that perfectly matches your requirements. Stay open to alternatives or flexible with a property’s features, and consider remodeling parts of the house to fit your standards.
Real estate agents: a must in a low inventory market
When inventory is low, the best thing you can do as a buyer is to hire a knowledgeable real estate agent to help you find your dream home in Rittenhouse Square. It’s always uplifting to have someone by your side who supports you! There is no better way to alleviate stress and facilitate the home-buying process than hiring an expert Philadelphia realtor.
Hiring a real estate agent comes with many benefits—particularly when navigating a low inventory market.
Experienced real estate agents bring valuable connections and unparalleled knowledge of their local real estate market. Moreover, the task of searching property listings is tiring and time-consuming. That’s why real estate agents exist: to do the job for you and present you with potential properties to your liking.
With their network at your disposal, a real estate agent might present you with promising new listings before other buyers have access and will help you spot potential problems in properties and negotiations. This will all greatly benefit the pace and efficiency of your home search.
The best real estate agents will happily give you their time, loyalty, professionalism, and years of expertise. They will offer to help by attending showings and answering all your concerns. In brief, real estate agents are an exceptional advantage. They come with a collective set of skills and connections that will help you negotiate and close a good deal.
Hunting for Philadelphia homes for sale?
If you’re looking to purchase Rittenhouse Square real estate or a home elsewhere in Philadelphia, contact luxury real estate agent Douglas Pearson. Doug is one of the most successful agents in the greater Philadelphia luxury market and has lived in Bucks County and Rittenhouse Square for many years. With decades of sales and marketing successes behind him, Doug is the best choice to help find your dream home—even when inventory is low.
*Header photo courtesy of Friends at Rittenhouse Square
