Let Avenue Realty Group assist you with purchasing a new home in Northern Virginia.
Purchasing a home intimidates a lot of people. However, with some up-front planning, it's not that hard. So you'll know exactly what to expect, we like to furnish my buyers with a road map of the entire deal. These are my nine steps to buying a home.
Should you have any questions about this information or if you're prepared to get started, just contact us here or send e-mail to Marja@realtyavenues.com
Step 1 – Prepare to purchase a home
There are several things you should do before you search for a home. You'll most likely want to form a list of features you want to have, get a feeling for what neighborhoods you want to live in, and start planning around your budget. Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Communicate with a real estate agent in Northern Virginia.
This is where we come in. We'd like to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Alexandria area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
We can also help you begin the loan process. Avenue Realty Group partners with some of Northern Virginia's finest mortgage professionals, so you can rest assured that you're in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, we'll start looking for homes on the market that are great for you. We'll research most of the homes and exclude the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
When we tour houses, we'll show you the positive features and negative ones. And we'll ask you to point out what things you like and dislike. For the most part, buyers revise their must-have list as we tour houses and some items become more substantial than others. If that's the case, we'll look through all the listings another time and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
An agent's awareness of the Northern Virginia housing market is a fundamental factor in your home search. And we assure you we're conscious of all the neighborhoods and school districts, and we'll alert you to what districts are "hot" and demand immediate action and the rest that are "cool" and allow for more consideration.
As we tour homes, we'll be sure to tell you if the asking price has room for negotiation or if we believe the house is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions. Every real estate agent will convince you they understand the housing market. If it appears they don't know everything, call us at 703.909.6067 or e-mail me at Marja@realtyavenues.com, and we'd be happy to answer any questions you may have. Our understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We are confident we'll find your dream house in Northern Virginia. When that happens, we'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
Upon presenting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is often put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer. It's very common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure your loan
Upon completion of the deal, you'll begin working with your lender to close the loan. This shouldn't be a long process at all if you've been pre-qualified, but you'll want to stay in close contact with your lender. And we'll look after all the property information your lender needs to close the loan.>
Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will probably take place at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact us at 703.909.6067 or send me an e-mail.