Summer is typically a busy season for local real estate markets— the kids are out of school, the weather is warm, there is more time for house hunting and later, more time for moving. You may have already even visited a few open houses in Metro DC this spring or scheduled showings at homes in Washington DC, Bethesda, Chevy Chase, or Northern Virginia in the coming days.
But before you can move into more serious house-hunting and preparing to buy a new home in the DC Metro, it’s important to address the following:
Prepare your taxes
Tax season is now behind us, so you can already cross this one off of your list! However, if you filed an extension or are making payments, be prepared to show your lender additional documents, as well as your past tax returns. The bank will want to see your returns as proof of income before you buy a home.
The more assets you can show, the better! Lenders in Washington DC, Maryland, and Virginia will want to know you have funds to cover at least two months of mortgage payments, plus insurance.
Research your credit score
A recent report showed that most homebuyers do not know their credit score when house hunting. If you fall into that category, it’s time to change that! Look into your report now and be careful to correct any errors you find as they can take months to update. For this reason, it’s always wise to start well before your serious home buying timeline.
Get to know the market
Before you can start falling in love with homes in Metro DC, get to know the communities! Tour neighborhoods to find which ones may suit you best, look into the local schools, talk with your Realtor about what areas fit your needs. With our expertise in the local market, we can peg exactly the community in which you’re likely to find your dream home!
Buying a home is a wise decision this summer in Washington DC, Bethesda, Chevy Chase, and Northern Virginia as mortgage rates are still low! As your local real estate experts, The Estridge Group is happy to walk you through the home buying process and show you available homes in the area— just give us a call!