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February 01, 2023

How to save thousands when buying a home in Philadelphia

Commission rebates offer homebuyers extra money to offset closing costs

Real Estate Home Sales

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A Line of Townhomes in Philadelphia Rick Kauffman/For PhillyVoice

Are you looking to buy a home in Philly but not sure where to begin? Searching for a home while working full-time, balancing family responsibilities, and maintaining some semblance of a social life can leave you feeling overwhelmed (and overextended).

Meet Prevu, the digital home buying platform designed to save buyers time and money in the Philadelphia residential market. Buyers can browse listings 24/7, schedule tours conveniently with the click of a button, make offers online, and save thousands with Prevu’s Smart Buyer Rebate.

“In major cities like Philadelphia, the affordability of buying a home has become more challenging for the newest generation of home buyers,” says Chase Marsh, Co-CEO of Prevu. “As a result, Philadelphia homebuyers are looking for ways to save when they buy a home, and commission rebates make that possible.”

How commission rebates save buyers money 

Though few real estate brokerages offer them, buyer commission rebates are legal in 40 U.S. states, including Pennsylvania. Real estate agents are allowed to refund a portion of their commissions to the buyers they represent on a home purchase.

During a typical home purchase in Philadelphia, the listing agent collects a real estate commission of 6% of the purchase price. That commission is then split evenly, with 3% given to the seller’s agent and 3% given to the buyer’s agent.

Prevu is unique as it offers a financial benefit by giving two-thirds of the buyer’s agent commission (in the above scenario, 2% of the purchase price) directly back to customers in the form of a buyer commission rebate.

For example, if you buy an $800,000 home in the Rittenhouse neighborhood with a 3% buyer’s agent commission, you would receive 2%, or $16,000 cash back from Prevu.

A better buying experience — online

Unlike traditional brokerages that offer antiquated offline experiences, Prevu elevates the home buying process by bringing together all the resources you need in one seamless, online platform.

Now, homebuyers in Philadelphia can easily browse listings, receive regular property and open house alerts, schedule tours, make offers online, and securely upload all necessary documents.

Prevu’s digital platform provides buyers in Philadelphia with the transparency and control they have become accustomed to in online transactions, while delivering better collaboration and expert agent advice throughout the buying process.

“The combination of savings and a sophisticated, online experience is exactly what homebuyers in Philadelphia have been waiting for,” says Todd Hovanec, Prevu’s Director of Real Estate Services for Greater Philadelphia. “Imagine what buyers can do with all of that cash back after closing.”

Curious how much you could save when buying a Philadelphia home? See your potential rebate on every listing when you create a free Prevu property feed.