A new year always brings new opportunities and while 2020 wasn’t a year most of us will look back on with the fondest of memories, we can’t help but be optimistic about 2021 - especially when it comes to the real estate market. We discussed the impacts of COVID-19 on the real estate market in a previous blog post ("The Temperature Wasn't the Only Thing Rising This Summer in the DMV") and we are still seeing healthy movement in our local market, which we expect to continue into the new year. Homes for sale are in high demand due to low inventory and homebuyers are in abundance, taking advantage of the historically low rates.
If you have been considering purchasing a home in 2021, here are some key points to consider before starting the process:
One of the first questions we always ask a new client is whether or not they are pre-approved. We do this for multiple reasons. First and foremost, it helps a client define their buying power and what homes will fit into their budget. There is nothing worse than falling in love with a home that unfortunately is just out of reach financially. This will narrow down the properties you see to help you make the best decision financially. Second, things can move FAST when purchasing a home, especially in a competitive market. Being pre-approved ensures that when you find your dream home you are prepped and ready to submit an offer. Most sellers ask for pre-approval letters when considering offers on their home, so having that pre-approval helps to strengthen your offer as well.
We cannot stress how important choosing the right Real Estate Professional is when buying or selling a home. This topic should really be its own blog post (not to worry, we have that coming soon, stay tuned!), ESPECIALLY in a competitive market because your Realtor is your trusted partner throughout this entire transaction. There is so much that goes into being a successful and dependable Realtor. Negotiation skills, location knowledge, expertise in offers and terms… the list can go on, but there is so much more to consider. Are you comfortable and do you mesh well with them? Are your best interests their top priority? What are their core values? Do they have a support team to assist in the transaction? We could discuss this topic all day, and we will! Do not settle when It comes to choosing your Realtor. Do your research and conduct multiple interviews if necessary!
Where do you want to live? What is most important when it comes to the location of your home? Do you need to be close to public transportation or convenient commuter routes? Do you want to be close to shops and dining or are you interested in a quieter environment, away from all of the hustle and bustle? Is proximity to hospitals or doctor’s offices important? Does the feel and amenities of a community fit your lifestyle? This is another topic that can be all consuming but starting to narrow down your location can help you move forward quickly when you find the right home.
This one definitely ties into location but is imperative to discuss. If schools are important to you then you should definitely start your research as soon as possible.
What is vital to you when it comes to schools? Is it the ratings? Student to teacher ratio? Special Curriculum? A good place to get started on this is using reputable websites such as your local news outlets or Great Schools
. These sites will help you to learn more about the schools in your area and which districts you are interested in moving into, thus narrowing down your home search. For some buyers this is a major determining factor for their home and therefore important to get sorted out early on.
Last but not least is your homebuying timeline. When do you want to be moved into your home? Do you have a lease that is coming up for renewal? Nailing down your homebuying timeline will ensure that everyone involved in your real estate transaction can properly prepare you for each step and make the process as hassle-free as possible.
The homebuying experience is of the utmost importance to our team. By providing you top-notch service combined with years of knowledge and expertise, you can be sure that a trusted member of our team will always be by your side. Your best interests are our top priority and we will work relentlessly on your behalf.
Do you want to learn more about our buying process? Call or email us today to schedule your complimentary buyer’s consultation!