Showing posts with label Buyer Tips. Show all posts
Showing posts with label Buyer Tips. Show all posts

Buy the Right Home at the Right Price By Following the 5 P’s


If you’re a homebuyer in our market, here are the five P’s you need to remember to find the right home at the right price:

1. Professional: Find a real estate professional to work with. Work with someone who knows the area you want to buy in and knows how to negotiate. We’re in a low-inventory market here in the DC area, so if you don’t hire an expert to represent you, you won’t get the property you want.

2. Price: Know your price range. You don’t want to waste your time shopping for homes you can’t afford.

3. Preferences: Know your preferences. What are the items you must have regarding your new home? For example, do you need to live in a certain school district?

4. Perspective: Gain some perspective on the neighborhood you’re buying in. Start driving around the area and checking the comparable home sales from the past few months so you can make an educated buying decision. Having a knowledgeable real estate professional by your side can really help you with this process.

5. Put it all in play: This one is self-explanatory. Once you understand the previous items on this list, it’s time to put it all in play and buy the home you deserve.

If you have any questions about this method or you have any other real estate needs I can take care of, don’t hesitate to give me a call or shoot me an email. I’d be happy to help you.
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Location: Virginia, USA

How to Start the Home Buying Process in 10 Easy Steps




Today we’re talking about 10 steps that you need to take if you’re preparing to buy your first home:

1. Check your credit score. You might be surprised at where it is. If you haven’t checked it in a while, make sure you pull it and it’s where it needs to be.

2. Start saving money now. Start making small sacrifices now so that you have enough money set aside to buy a home.

3. Look into a second job. If you have plenty of cash, don’t worry about this. If you don’t, this is a good way to get you to save some more.

4. Meet with a lender. Having a conversation with one before buying is very important. It might take you a year or two to get your financial ducks in a row, so it’s good to meet with them as early as possible in the process.

5. Check out down payment assistance programs. There are a lot of them out there for first-time buyers. You don’t have to save 20% anymore.

6. Find out what your comfort level is. We don’t want you to be stressed out making your payments. We want you to live a comfortable life. If you’re not financially ready to buy yet, don’t feel pressure to pull the trigger until you’re comfortable.

7. Attend homebuyer seminars, just like the one we are running out of our office. If you want more information about our next seminar, feel free to reach out. 
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Meeting with a lender early in the process is key.

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8. Start looking at different neighborhoods. Take a look at different areas to make sure you’re seeing everything.

9. Go to open houses. Start getting a general feel for the homes on the market so that you can narrow your search further.

10. Interview real estate professionals. Just don’t work with somebody because you’re related or you feel obligated. Interview two, three, or even four different real estate agents to get a better idea of who can get you the best results.

If you have any questions for me, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.
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Location: Washington, DC, USA

Do You Need an Agent for a New Build Home?


Even if you're buying a brand-new home from a builder, it's important to have an agent representing your interests.

As a home buyer working with a builder of a new construction home, it's important to have representation. Why is it important to work with an agent when buying a new home? Today I have Susan Titus with me to discuss this issue.

First of all, the representative at the builder’s site works for the builder, so their goal is to maximize the builder's profit, not to protect your hard-earned money. Secondly, you have to remember that when you look at model homes, you're seeing dressed-up homes that have upgrades that aren't included in the price of the home. You should also know that building companies may offer incentives to work with companies like their own mortgage company, but the loans offered may not be the best deal for you as a buyer in the long term.

The most important thing to remember is that the contract favors the builder. Working with an agent will give them a chance to help you understand the risks, timelines, and requirements. They can also help negotiate some fees that may be standard to the seller that the builder isn't normally apt to pay.
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The representative works for the builder, not for you.

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You may be wondering why you can't save the cost of a buyer's agent's commission just by working with the builder. The cost of commission for an agent is actually built into the price of the home. Even if you don't work with an agent, the builder is not going to discount you that cost of a commission; they're going to put it in their pocket as profit. The builders want the prices to appraise and continually escalate, so they will not give you a discount just because you didn't have a representative helping you.

Also, know that you can't go out looking at model homes, find one you like, and then call an agent and ask them to write up a contract. Your agent has to accompany you on the site or call and register you with the builder before you go on site. If you go to the site without an agent, you will be tagged, and then you will not be able to be represented if you decide to go back with that agent.

I hope that clears things up for you when it comes to working with builders and the process of buying their properties. If you have any questions, give us a call or send us an email. We'd be happy to help you out!

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Location: Northern, VA, USA

One Simple Thing Will Cut 8 Years Off Your Mortgage


What if you could cut eight years off of your 30-year mortgage? How would that make you feel? There is one simple thing you can do to make that happen: make one extra mortgage payment each year.

Adding one extra mortgage payment will turn your 30-year mortgage into a 22-year mortgage. If you can’t afford to do one full extra payment, you can still cut down your mortgage by making that extra payment in smaller increments.

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Add 10% to your monthly payments & cut 8 years off your mortgage.


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Simply add 10% to your normal mortgage payment. For example, if your monthly mortgage payment is $2,000 and you add an extra $200 each month, you will still shave eight years off your mortgage.

Another way to shorten your mortgage is to refinance and switch to a 15-year mortgage. Keep in mind that the 15-year mortgage payments will be very high, and not everyone can afford this option. That’s why one extra payment a year is a great way to earn your financial freedom in fewer than than 30 years.

If you have any questions, give me a call or send me an email. I would be happy to help you!

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Location: Washington, DC, USA

Buy a Northern VA Home Below Market Value



Many of you likely know I used to professionally flip homes before I was in real estate. I love buying houses below market value. In fact, many of you ask me about this. How can you buy a house below market value? 

There are many ways to find a home below market value: short sales, distressed sales, bank-owned properties, for sale by owner, or even listed on Craigslist. A real estate professional can help you find a home below the market as well.

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Do not ever include home sale
contingencies in your offer.

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It is incredibly important to have your finances ready. Do not, under any circumstances, include home sale contingencies. If you have an FHA loan, federal subsidized loan, home sale contingency, your closing is 90 days out, or you want 15 days for the home inspection, I guarantee you won’t be able to purchase the home below market value.

If you want to buy the house below market value, get your home sold and go into a temporary rental if necessary. Ideally, you would qualify to purchase the home without selling your current one. That way, you can take your time searching for the next home.

 Remember, it can take a long time to find a house below market rate. If you go in the MLS, it gets competitive. If your offer isn’t polished, someone will snatch up that property. Use conventional financing, or, if you’re lucky, cash.

If you have any questions, give me a call or send me an email. I would be happy to help you!
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Location: Potomac Falls, VA 20165, USA
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