Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
In NW DC real estate, as it is in other neighborhoods, investors paying cash for homes have a great advantage over the average home buyer. Most home buyers, especially first-time homebuyers, need a mortgage, inspection, appraisal and title insurance -- and sellers aren't interested in jumping through those hoops when they don't have to. How can homebuyers compete with investors for NW DC real estate?
A Little Higher is A Lot Better
Homebuyers of NW DC real estate that plan on occupying their homes can make higher offers because they don't have to worry about making money quickly by flipping. And offering that higher price for the property is easier with interest rates being so low – the impact on the monthly payment is almost negligible.
Earnest Money Can Win the Day
When homebuyers of NW DC real estate offer generous earnest money checks along with their contract, it shows the homeowners just how serious you are.
Be Prepared – and Pre-Approved
In the NW DC real estate market, homebuyers need to get pre-approved – not just pre-qualified – for the mortgage. Credit approval means submitting your entire application package to a lender, documenting your income, assets and credit. Don't start looking for NW DC property until you have credit approval with NO outstanding conditions. Make sure your offer includes the fact that you're pre-approved for your mortgage and request a quick close.
For more strategies to successfully purchase NW Washington DC real estate, please contact Michelle Buckman Realtor. Michelle Buckman has the experience you need to help homebuyers find their dream home. Representing W.C. & A.N. Miller, a Long & Foster Company, and Christie's Great Estates properties in the NW DC and the surrounding Washington DC area, including Chevy Chase, Capitol Hill, and the Trinidad DC neighborhoods, Michelle works with a full range of clients, from empty nesters to first-time homebuyers.