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For many, purchasing a home is regarded as one of the “most important decisions” you’ll make in a lifetime. How do you know if this is the right house? What is the best price to pay? This is where the experience and expertise of The Gary Mercer Team matters most.
For over 30 years we have followed market trends, weathered massive shifts, and placed thousands of families in their dream homes. We have a thorough understanding of the marketplace, with access to many properties that are off-market and an awareness of properties that are about to be listed. This helps our buyers make an informed decision and gives them the best chance for a good first impression.
Once you choose a property, we will represent your interests comprehensively throughout the purchase process, negotiating the best possible purchase price and managing and advocating for you during inspections, escrow, title, and closing. We are there for you every step of the way!
Contact UsWinning in a Competitive Market
With the current fast-paced market, multiple offer situations have become the norm, making it more important than ever to have a knowledgeable agent to guide you through the entire home buying process. Our team utilizes multiple proven strategies and creative approaches to win in these types of multiple offer situations.
Our Process
Due to COVID-19, we have adjusted our processes and are now offering virtual solutions in addition to in-person appointments.
The health and safety of our clients is our #1 priority.
How Much Can I Afford?
During your initial consultation, we can help make this determination based on your own financial situation. We generally recommend that people look for homes that cost no more than three to five times their annual household income. Use our Affordability Calculator to see how much house you can afford.
Getting Pre-Approved
Finding the perfect property is just one of the many ways we assist our clients with their real estate purchase. Through our continuous access to experts in every related field - from lending to relocation - our goal is to ensure our buyers are comfortable throughout each step of the process.
Learn MoreVirtual Consultation
The first step for any home buyer is a free consultation so we can get to know you and better understand your needs. We have 20+ agents with years of experience in regions all across the Greater Philadelphia Area. Not sure who you want to work with? Our operations team will be able to assist you in selecting the perfect realtor. Once you know who you want to work with, we schedule a FaceTime/Zoom consultation. Not comfortable with technology? Not to worry. We can always talk on the phone!
3D Walkthroughs
While it may not be a traditional walkthrough, our 3D walkthroughs are a 1:1 scale, giving you the most accurate view of the layout and condition of the property. We can also schedule FaceTime/Zoom calls with the owner so that you can get a real time look at what the property is like on the inside. We understand it's hard to make a decision virtually. We will thoroughly cover the seller’s disclosure and answer any questions or concerns. We’ve been through hundreds of properties before, and if there are any red flags, we will tell you!
Making An Offer
Once you've found the perfect home and are ready to put an offer on it, your agent will draft the offer for you to sign prior to submitting it. The offer is always submitted in writing and must be accompanied by a pre-approval.
Inspection Day
This most important part in the homebuying process is the inspection. This is the best time to address any concerns you may have about the property so that any changes can be reflected during settlement. Our inspectors are all trusted 3rd party vendors, who only serve to benefit you, the home buyer! This is really the last step for any negotiations.
Settlement Day
This is the final step in the process before you get the keys to your new home. We will cover, in detail, all the documents you are required to sign to make this transaction official. Once we’ve secured confirmation from both parties, you are officially a homeowner!
For a more comprehensive list, please download our buyers guide.
DownloadNeighborhood Guides
Industry leading experts' guide to some of the best neighborhoods in the Philadelphia area
From award winning school districts and beautiful state parks to awesome activities to do with your family, this is where the experience and expertise of The Gary Mercer Team matters most. We have a comprehensive list of some of the best neighborhoods Philadelphia has to offer. Find out more information about a specific area or search listings.
View GuidesBuyer FAQs
Buying a home is both thrilling and a bit unnerving, especially if you're a first-time home buyer.
Both experienced home buyers and first-time buyers alike will benefit from the frequently asked questions below.
Actually, you've already started the process. Fact-finding and reading articles is a great way to become a smart consumer. Familiarize yourself with your personal finances and carefully review your budget. Not sure about your financial situation, feel free to contact us privately.
We recommend getting a pre-approval letter so that we know exactly what type of budget we are working with so we can narrow down homes efficiently! You can work with any lender however, we recommend using one of our trusted partners to make the transaction go as smooth as possible. Great news, it’s super easy to get pre-approved!
This truly is a frequently asked question and the answer is not that simple. While buying a home can be a very solid investment, renting may be the better option during certain circumstances. The current interest rates for a 30-year FHA mortgage are at an all time low so it may actually be cheaper to pay a mortgage right now than paying rent.
One of the most important questions to ask yourself is - how long do I plan on staying here? If the answer is only a few years, you should continue renting. When owning a home there will be general home maintenance that should be done, are you ready for that?
Commonly, when you decide “I want to buy a house” you are given a bunch of different recommendations for agents from family and friends. Our operations team is extremely good at identifying your needs and placing you with an agent that best matches that style.
Yes! Sales are still continuing to happen albeit a little slower. Because a lot of the in person interactions have been eliminated we have adapted to this new market. Find out more about our process here
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once the offer on a home is accepted, the average time to complete the escrow period on a home is 30 to 45 days (under normal market conditions, Covid-19 has slowed this process significantly).
In sellers’ markets, there is an increasing demand for homes which drives up prices.
i. This can be due to economic factors such as a quick rise in the job market/population.
ii. Interest rates trending downward which will improve home affordability. This creates more buyer interest, particularly for first time home buyers who can now afford houses in new price ranges.
iii. A quick spike in interest rates. Buyers who may be “on the fence” want to make a move before their loans get more expensive.
iiii. Fewer homes on the market causing Low Inventory because of a lack of new construction. Prices for existing homes may go up because there are fewer units available.
In a buyer’s market, home prices are declining causing reduced demand. Several factors may affect long-term and short-term buyer demand, like:
i. Some sort of economic disruption - businesses shut down operations, laying off their workforce. People don’t have jobs.
ii. Interest rates trending higher reduces the total number of potential buyers in the market because the amount of money they can borrow to buy a home has been reduced.
iii. Borrowers gain a temporary edge with a short-term drop in interest rates. This gives more purchasing power before home prices can react to the recent interest rate changes.
iiii. When inventory is high it can create downward pressure on prices of older homes nearby, particularly if they lack highly desirable features.
Nothing! In most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer. When the home is sold, the listing broker splits the listing fee with the buyer’s agent.
The national average for down payments is 11%. For many years, conventional loans required a down payment of 20%. However, some first time homebuyers usually only put down 3 to 5% on a home. If you put anything less than 20% you will be entered into private mortgage insurance (PMI) which helps make your payments easier. For more information on PMI, click here
how do I avoid making a big mistake when deciding which type of loan to select?
Once we meet and review your finances along with your home buying needs, you should select a lending consultant. We can recommend several trusted lending professionals or you can choose your own. Having upmost confidence in your lender is important. Be sure you feel completely at ease with them. They should speak to you in easy to understand terms. Ask lots of questions and never sign any document until you know what you are signing and feel completely at ease signing it. More and more lending professionals are recommending fixed interest rate loans and interest rates are still very attractive.
There is no set rule on how many houses you can view, we want you to be sure you love the house before making an offer. It is really easy to fall in love with a home but is equally important to “pull the trigger” if you want to make an offer. In a competitive market some homes may go off market the day after they are listed!
a. When you decide to make an offer on a home, your agent will ask for a check to accompany it (typically 1% to 2% of the purchase price). This action demonstrates to the seller that the buyer’s offer is genuine. Essentially it takes the home off the market and reserves it for you. If a deal is confirmed, the earnest money is applied to the down payment and closing costs. If the deal falls through, the money is returned to the buyer.
b. Important: While this rarely happens, if the terms of a deal are agreed upon by both parties, but then the buyer backs out, the earnest money may not be returned to the buyer. We always set our buyers up with ways to protect your earnest money deposit with multiple contingencies in the initial offer.
While it may be disappointing it can happen. Sellers may accept or reject an offer, but usually they will initiate a counteroffer. You and your agent will review it to determine whether the counteroffer is acceptable. Fair negotiations is what our team does best, we always have your interest in mind during this complicated phase. We recommend making a strong initial offer to stand out from the rest!
While they are not necessarily required we always recommend getting a home inspection from one of our trusted 3rd party vendors. These inspections will reveal defects in the home that are not easily detected. Most importantly they bring peace of mind to one of the biggest investments of a lifetime.
