The buyers: Eric Murchison, 35, vice president and commercial loan officer

The house: A 2,617-square-foot townhouse in East Falls with 4 bedrooms and 3 baths built in 2025.

The price: Listed for $525,000; purchased for $490,000.

The agent: Marvin Capps, Marvin Capps Realty, Inc.

The ask: The idea of buying in Philly had begun to feel impossible to Eric Murchison.

Born and raised in North Philly, he’d watched prices in the city skyrocket for years, convincing him that in order to own a nice home, he’d need to move somewhere like Texas. He’d already begun telling friends that he’d be gone within two or three years.

But when a work client urged him to think about buying in his home city — Why would you leave your hometown? Why not own a piece of it? — he began to think seriously about the possibility.

“I kind of couldn’t sleep at night after he said that to me,” Murchison said.

What he was looking for wasn’t extravagant. He wanted a garage and a rooftop space, along with a separate bathroom for his 16-year-old daughter — which he didn’t have in his rental in Bala Cynwyd. And to be “in an area where you could visually see that developers are in this space.”

He hoped to find all that under $500,000, even as his real estate agent tried to temper expectations.

“When I said ‘under a half-million,’” Murchison recalled, “he said, ‘Eric, are you kidding me? That’s [probably] not going to happen.’”

The search: By his own admission, Murchison’s search was “very spontaneous and random.” He’d see a potential home while searching online during his lunch break and decide to go check it out.

One — a duplex near Temple University — was well over his budget, at $750,000. (He’d liked the idea of buying a duplex and renting out one of the units while living in the other.)

Another home he liked in South Philly was priced around $550,000, with no wiggle room. “The guy just was not budging on the price,” Murchison said.

Discouraged, he let his property manager know that he was renewing his lease for the following year.

The appeal: The first time he came across his future home was on Zillow. It was also on his drive to work, so he’d passed it on his commute, admiring the newly constructed townhouses.

But when he randomly met the developers through work, he said, it felt like kismet.

The development was across from a cemetery and a bit over budget at $525,000. But it was just a 10-minute drive to Center City and a half-mile walk to Kelly Drive, where Murchison liked to go running. He liked the neighborhood, too, which he felt was poised for a boom.

Because it was a newly constructed home, it was part of a city program that provides a 10-year tax abatement to buyers who bought into certain new construction projects in the city.

“But what ultimately made me move on it was that feeling like, ‘This feels like it could be home,’” he said. “I remember having that feeling, and seeing my daughter, envisioning us like having popcorn and watching TV, and I kind of had in mind where I could put the furniture.”

By the time he toured a second time, he was sold.

The deal: Listed at $525,000, Murchison initially offered $480,000 before settling on $490,000, with a 6% seller’s assist.

Though it was a new home, an inspection turned up some minor issues — a loose faucet and a noisy kitchen range fan — that the developer agreed to fix.

The money: Murchison was prepared to put 3% down on the new home. But when he inquired with another lender, he said, he was able to get a more attractive deal, in which a down payment wasn’t required.

“I actually got a refund at settlement because I had the 6% seller’s assist,” he said. “So the only down payment was like transfer tax, closing cost, all those things.”

Today, his mortgage is $3,400 — $400 more than his previous rent — and because of the tax abatement, he pays just $68 a month in taxes, he said, instead of the roughly $500 he’d otherwise owe.

The move: With the money he was able to save by not putting down the 3% down payment, he was able to pay for movers, plus a nice dinner for his first night in his new home.

He moved in the same day he closed on the home. “I closed Feb. 6, I think at like 10 a.m., [and] the movers were done by 1 p.m.," he said.

Life after close: At more than 2,500-square-feet, the new home dwarfs Murchison’s previous rental, which was about 1,000 square feet.

In addition to bedrooms for both him and his daughter, he also has a meditation/prayer room.

So far, he’s had one small renovation project done — removing some shelving in a hallway between his bedroom and bathroom — with plans to make two more improvements in the not-too-distant future: adding a sauna, as well as some shade to the rooftop.

He considers himself “very happy” with his new home, and hopes his story inspires other Philadelphians that homeownership in the city remains possible.

“People need to know — especially Philadelphia natives who think they have to leave — like, hey, if you have a good real estate agent and you have creative financing, you might as well buy."

Did you recently buy a home in the Philadelphia area or South Jersey? Share the story of how you did it. Email Inquirer real estate reporters at properties@inquirer.com.