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Essential Tips For First Time Homebuyers in the Washington DC Area

The first step in buying a home - you should always be informed. An informed buyer knows what the current state of the real estate market is, to have a good idea of what to expect when it comes time to negotiate a deal. If the real estate market is considered a "buyers market" that typically indicates an abundance of houses available for purchase and usually indicates a buyer will have more leverage when it comes to buying a home and results in a lower price paid. A "sellers market" typically indicates more people looking to buy a home than there available homes to buy. The basic laws of supply and demand greatly influence the amount paid for a home.

Know what to look for in a mortgage when buying a home. The vast majority of people buying a home will borrow money to pay for it; regardless if the money is borrowed from a bank, a credit union or a mortgage company not all home mortgages are created equal. Learn all you can about the interest rate of the mortgage, how to qualify for a lower interest rate, payments for early repayment of the mortgage, penalties for late payments, down payment requirements and the institution's personal mortgage insurance requirements. Understanding what you are agreeing to right from the start can eliminate unnecessary and unwanted surprises down the line.

To make the process of buying a home quicker, get pre-approved for a mortgage with a qualified institution. Most banks, credit unions and mortgage companies will work with first time home buyers to discuss not only the products offered, but also what is best suited for the individual client. When you are pre-approved for a mortgage, sellers are more likely to look favorably on your offer to purchase their house because they know financing will not be an obstacle.

When you are ready to buy a home, contact Michelle Buckman at Buckman Realtor. Specializing in the Northwest Washington, DC area including Capitol Hill, Chevy Chase and Trinidad, Michelle focuses on selling and reselling single-family homes and estates, condominiums, co-ops and multi-until buildings. Her clients include everyone from first time home buyers to real estate investors and is licensed in Washington, DC, Maryland and Virginia.