Multiple offers and sales within a few days have returned to many areas of the Metro Washington DC region.
Prices have dropped; interest rates are low; inventory is also low and people are ready to buy. That being said; many properties are seeing multiple offers and are going under contract within a few days.
It is always about 3 main points: - Location (some agree #2 and #3 are also location) - Price - Property Condition.
The good homes in the good areas that are priced right are selling - FAST. Buyers need to be prepared to Move fast once they find the house they want. The best way to know which home you really want is to really sit down and think about it!
Buyers should look at several items:
-What are your "MUST HAVES". 3 Bedrooms? Garage? Yard?
-What are your "LIKE to HAVES". 2-car Garage? Deck? Pool?
-What is your comfortable price range?
-What neighborhoods do you want to focus on?
Once a Buyer knows exactly what they are looking for and what will work for them; Then - when you walk in and think "THIS IS IT"; you can be prepared to move fast because you know if it fits into your needs and wants.
Other Buyer Tips:
-Always have a Pre-Approval Letter at the ready. You will need this to submit with an offer; so have a lender prepare it and have it at the ready.
-Have funds transferred or set aside in your checking account and ready to write the Earnest Money Deposit check. In the DC Metro area; sellers will want to see 1-3% of the purchase price as a deposit.
-Remember: The 1st Home you see may be "THE ONE". Don't discount it just because it is the 1st one. If the 1st home you see has all of your wants and needs; why wouldn't you consider it?
Happy Home Buying!
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016