In the Maryland Washington DC, and Northern Virginia housing market, there are more Buyers than Sellers.
Just last week, we submitted an offer on a little townhouse in Maryland. Our offer was one of 8 and the Sellers asked for the "last and best offer" from all the Buyers.
How do you buy a home in a competitive housing market?
Use this checklist as a guideline. There are key players you need for a successful home buying experience.
- Find an excellent Realtor. Ask your family and friends who they recommend. Your Realtor will guide you, step by step, through the entire home buying process. When choosing your Realtor, you'll want someone who is responsive. Communication is the foundation of a successful home buying experience.
- Location-Where do you want to live? How long of a daily commute? Do you want to take Metro everyday? Will you walk or drive to the Metro station? These questions are really about your quality of life. You want to enjoy your daily routine as much as possible.
- Home Price-How much do you want to spend on a home? Talk to an excellent, highly recommended local lender to establish your price range.
- Daily updates-To stay ahead of the competition, make sure you're getting timely updates from you Realtor. The Multiple Listing Service has the most current information available on homes listed for sale by real estate brokerages. Our Buyers receive updates once a day or as soon as possible. It depends on how quickly they want to know that a home is for sale that meets their search criteria.
- Availability-In a competitive housing market, don't wait till the weekend. If you can see houses, with your Realtor, during the weekday, you increase your chances of success. Remember, when someone sells their home, they have to allow lots of people access to their property. It's really not convenient for Sellers especially if they have children, pets or out of town guests. Sometimes all it takes to get the house is getting into the house first-and offering a competitive price.
Here are a few links that offer more detailed information on
How to Buy a Home
National Association of Exclusive Buyer Agents
First Time Home Buyer Credit IRS
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