Every day, it seems like something is happening that changes the real estate market. While mortgage rates are at a low point currently, they will likely be on the rise again soon. At the same time, especially in the D.C. Metro area, housing inventory is low while demand is high, meaning home prices are on the rise too.
Some hopeful homebuyers may not know the best way to go about buying a home in today's market. Fortunately, no matter what the market conditions, fundamental best practices don't change. Whether it's a buyer's market, a seller's market, or something in between, these tips will help you buy a home in any market.
DON'T get too emotional about the process of buying a home. It's easy to lose your cool if the home you love is sold before you get the chance to pounce on it, or another buyer outbids you for your dream house. Remember that there are always more properties out there, and you will find one that is right for you.
DON'T try to time the market. Purchasing a home is a long-term investment. You're going to live in this house for several years. Don't rush to buy because you think prices are going to go up, or put off buying a great home because you think prices may soon go down.
DO make your best offer. A lowball offer on a property you're serious about just wastes the seller's time, and therefore your own. If you are serious about buying the home, put your best foot forward and make an offer that reflects the true value of the home and the neighborhood.
DO work with a good Realtor. A knowledgeable real estate professional can help you get a good house at a fair price, instead of letting you overpay for a home you don't like that much, or not finding a suitable property at all. Your Realtor knows the market and can help you find the best options in your price range. They'll also help you structure your offer to make it attractive to the seller.
In this real estate market, homebuyers can use a helping hand. Contact us at the Schuck Group for an appointment to discuss the property you're looking for. We can guide you through the buying process and help you end up with your dream home.