Philadelphia Weekly

Contents:

• Be a Nest Egghead
• Buy Curious
• Hot Properties
• Know Your Jargon
• Real Estate Survivors
• Row Home Roulette
• Swanky Condo, Perhaps?
• Ten Things You Gotta Know Before Buying a House

With all the hot talk coming from the GOP these days, sometimes it's hard to forget the Vietnam War ended in the '70s. You know, back when John Kerry was a protester and you weren't supposed to trust anyone over 30--because, remember, it was the over-30 crowd that messed things up for everyone else.

Not that they cared, of course, since they'd already made their nut. They owned homes, for Christ's sake, so who could blame them for being more about bank accounts than body counts?

The times, they have a-changed. Those once-hated over-30 homeowners? Well, they could just as easily be under 30 these days.

Julie Welker, who's owned a real estate office in this town for 27 years, says an ever increasing number of her clients are in their 20s and early 30s.

"Condos are a big thing for that generation," she says. "They're priced at a lower level--in the $100,000s, $200,000s and $300,000s. Single-family homes have appreciated to such an extent that there are still young people buying them, but not as many. Condos are a big draw."

Granted, condos in the $300,000 range are still pretty pricey. But many young folks these days can afford them.

"These are the children of baby boomer parents, who became more affluent and worked their way up, and their parents are able to be of assistance," says Welker. "But mortgage rates are the single biggest reason young people can afford to buy these days."

Nancy Alperin of Maxwell Realty says that in the '90s just 10 percent of her buyers were under 30. Now that number exceeds 30 percent.

And Izhar Atzmon, sales director of the new Waterfront Square condos along the Delaware near Penn's Landing, says 34 of the 251 units that had been sold by the end of June went to people under 33. Significant, considering prices there start in the mid-$300,000s.

That sounds like a ton of money. But when you consider how easy it now is to get a mortgage, how little you need to put down and how much you can make when you sell a place, first-time buyers are often shocked by how much they can afford. And with the direction rents are headed in this town, it's not hard to wind up with mortgage payments lower than your former rent.

So don't be surprised if conversation at the next hipster shindig you attend revolves more around real estate than reality TV. At least it's more fun than talking about the war. (S.K.)

Ten Things You Gotta Know Before Buying a House

Franz Rabauer, a Plumer agent for seven years, offers this helpful primer.

1) Get prequalified.
"Find out what you can afford through your bank or an agent's recommendation for a mortgage broker. Know what you can afford and find your comfort level. Just because you're qualified for a certain amount doesn't mean you should be comfortable spending that much every month."

2) Make sure you have good credit.
"Get a credit card and pay it off every month--it shows you're responsible. Pay your phone bill, rent and utilities on time. Get your credit report. If you have overdue bills, take care of them at least three months prior to starting the process."