When buying your first home in Metro DC, it’s easy to get caught up in the excitement of house hunting and dreaming of what memories you’ll make there. However, as fun as it is to begin the process of buying a home in the Washington DC area, it’s also important to be realistic about what it takes and what you’ll find.
Too often, homebuyers are caught off guard once they enter the local real estate market, only to find their dreams may not always be achievable. As your local real estate experts in DC, Bethesda, Chevy Chase, Northern Virginia, and the surrounding areas, it is our goal to help you manage expectations and find the perfect home as we head into the new year.
Below are some of the top Washington DC homebuyer myths to debunk in 2022:
Your Dream Home Will Have Everything on Your List
Having an open mind is key when buying a home in this busy market. While you may find a home that ticks nearly all of your must-have boxes, the chances of it not catching the eye of another buyer are slim. Make a list of what you’re willing to compromise on in a home, so you can avoid being disappointed when you don’t find everything you’re looking for!
You Can Get Approved After You Find a Home
We always recommend getting pre-approved prior to shopping for properties as this puts you one step ahead of other buyers in the mortgage department. If you save financing for after you’ve found a home, you could risk the home not being available by the time your paperwork comes through. Start now by getting pre-approved to avoid any hiccups in the buying process!
The Sellers Will Fix Every Issue Prior to Purchase
Found a couple problems with a home in the Metro DC area? You may be able to negotiate on price, but not always. Buyers should not go into a deal expecting the seller to fix every single issue, especially in a market as competitive as this one.
The Asking Price is What You’ll Pay
With buyer demand high, it is likely that a home seller will have multiple offers to review. The price you see on a listing will not always be the price a buyer will pay— in many cases, it’s tens of thousands higher due to bidding wars! Be aware of your budget and what you are willing to pay for a home that meets your needs.
You Can Always Build a House
When the real estate market seems challenging, some buyers do begin to research new construction homes. Buyers often believe that the building process can be less work than trying to find an existing home— just be sure to do your homework! With supply chain delays and prices rising, you might find it to be more of a chore (and more costly!) than house hunting.
If you have questions about buying your first home in the Washington DC area, do not hesitate to give The Estridge Group a call! We know the process can seem overwhelming and we will work together to help you find the best home with as little stress as possible!
We look forward to hearing from you!