While we are only days into the new year, this spring is already projected as a stand-out period for first-time buyers to enter the DC Metro real estate market. Mortgage rates are low, home prices are rising in addition to rents and first-timers are ready to invest into something of their very own in Bethesda, Chevy Chase, Washington DC, and Northern Virginia.
But when you are new to purchasing a home in Metro DC, you can overlook the many ways you can potentially save money in the process. Keep the following in mind as you house hunt this spring and as always, do not hesitate to reach out to The Estridge Group with any questions!
Look past cosmetic issues
Many first-time buyers in Metro DC tour a home only to write it off because they didn’t like the paint colors. Remember that these are only minor cosmetic issues and can easily be fixed! Look past the paint and if the home could work for you, you might want to act before the competition does!
This step may not save you money, but it will save you time when a seller is reviewing offers. A pre-approval letter shows you are serious about the purchase and that you have the funds to back up your offer.
Don’t open new credit cards
If you want to set yourself up to receive the best possible interest rate for your mortgage, it is wise to steer clear of opening any new lines of credit prior to applying. These hard inquiries on your credit report will remain there for up to two years and as a result, can cause a drop in your score.
Shop around for a mortgage
Even seasoned homebuyers in Bethesda, Chevy Chase, Washington DC, and Northern Virginia forget to shop around for a mortgage! Gather rates from different lenders on the same day in order to accurately compare terms and rates. Even the smallest different in percentage can equate to thousands over the life of the loan.
Work with an agent
Did you know working with a real estate agent saves you more money when both buying and selling a home than if you tried it on your own? The Estridge Group have decades of experience in assisting buyers navigate the market and can help you negotiate the best offer possible.