One of the most common conversations I have with Center City condo owners starts with the same question: “How do I buy my next condo if I need the proceeds from this one?” The concern is understandable. Unlike first-time buyers, move-up buyers are trying to coordinate two major transactions at the same time—selling their current home while securing a larger one. The key is understanding your options and planning ahead.
Here is a sample estimated breakdown:
Selling side — $350,000 sale
| Cost item | Typical range | Example |
|---|---|---|
| Commission | 5% | $17,500 |
| PA transfer tax (seller’s share) | 0.5% | $1,750 |
| Philadelphia transfer tax (seller’s share) | 1.789% | $6,261.50 |
| Settlement/Closing fees | $350-$750 | $500 |
| Condo resale package / HOA docs | $300–$600 | $400 |
| Miscellaneous (staging, repairs, etc.) | varies | $500–$3,000 |
| Estimated Seller Closing Costs | ~$27,000–$30,000 |
Buying side — $750,000 purchase
| Cost item | Typical range | Example |
|---|---|---|
| PA transfer tax (buyer’s share) | 0.5% | $3,750 |
| Philadelphia transfer tax (buyer’s share) | 1.789% | $13,417.50 |
| Mortgage origination / lender fees | 0.5–1% | $3,750–$7,500 |
| Title insurance (based on sale price) | $3,495 | $3,495 |
| Home inspection | $350–$600 | $475 |
| Prepaid interest, escrow setup | $1,500–$3,000 | $2,500 |
| Condo Start Up Fees | $5,000–$8,000 | $6,500 |
| Miscellaneous (appraisal, recording, etc.) | $500–$1,000 | $800 |
| Estimated Buyer closing Costs | ~$34,000–$37,000 |
Coordinating a sale and a purchase at the same time sounds complicated. In practice, it usually isn’t — if you do the preparation first. Know your equity, understand what closing costs will look like on both ends, sort out your financing, and have a realistic sense of your timeline before you start shopping. The earlier those conversations happen, the more flexibility you’ll have when it matters. Most of my clients who’ve done this well didn’t have perfect timing — they just had a clear plan going in. Understanding how the timing, financing, and closing costs work can make the process far less stressful—and help you avoid surprises along the way.
MARK WADE, Realtor®
37 Years of Center City Condo Experience
BHHS Fox and Roach Realtors
530 Walnut St. #480 | Philadelphia, PA 19106
Cell: 267-237-3404
Email: Mark@CenterCity.com
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