What should you expect financially if you're looking to purchase your first home? Here at Homes from DeHart, we often conduct buyer webinars and seminars for clients. When they ask about the financial aspects, we explain that there are several factors to consider when purchasing a home. Today, I’m sharing what they are.

One of the key factors is the purchase price. We advise clients to discuss this with their lender to get a clear understanding of their monthly payments. It's essential to compare this with their current rent payments and recognize that the main difference between buying and renting is the down payment amount.

"Apart from the down payment, there are additional costs to consider."

Currently, the minimum down payment can be as low as 0% for VA loans, 3.5% for FHA loans, and 5% for conventional loans. However, the best deals and interest rates are usually obtained with a down payment of 10% to 20% on conventional loans.

Apart from the down payment, there are additional costs to consider. A home inspection may range from $200 for a basic walk-and-talk inspection to as much as $10,000 for more extensive inspections. The appraisal cost typically falls between $600 to $800, depending on the property's size. In some cases, you may need to pay for two appraisals, depending on the property's purchase price. Lastly, closing costs can vary but are generally around 2% to 3% of the sales price.

Adding up the down payment, inspection, appraisal, and closing costs will give you the total amount required to buy a home. If you have enough saved up to cover these costs and plan to live in the property for at least five years, it might be a good idea to consider buying a property in the area.

If you have any questions about your financial obligations when buying a home or need help with your real estate goals, feel free to give us a call or send an email. I’m happy to help.

What’s the difference between a pre-qualification and a pre-approval? Many people are often confused by these two real estate terms. To help with this, I’m explaining what the two terms are and how they’re different from each other.

Essentially, a pre-qualification letter from a lender is a quick and free, no-obligation conversation. It usually takes less than 10 minutes and involves discussing assets, liabilities, and potential income. However, it's essential to note that this is just the beginning phase of the conversation. When submitting an offer, it's not advisable to include only a pre-qualification letter, as it doesn't hold much weight. Instead, buyers should provide a pre-approval letter as well.

A pre-approval letter, which is obtained from a lender or mortgage company too, is also a free no-obligation letter. However, it involves a more thorough qualification process, including checking your credit, assets, liabilities, debts, and income. Sellers feel much more comfortable working with potential buyers who have submitted a pre-approval letter.

"Sellers feel much more comfortable working with potential buyers
who have submitted a pre-approval letter."

As a borrower, it's crucial to be transparent with your lender about all relevant financial details. They will ask you in-depth questions to understand what you can afford, and honesty is essential, as they will eventually verify the information provided.

If you have any questions or are looking to purchase a home soon, it's a great idea to talk with a local lender. Even if you're planning to buy six to 12 months from now, understanding the roadmap to obtaining the loan you need will be beneficial. Our team is here to assist you every step of the way, so feel free to call or email us if you need help. Get in touch with us today and secure your dream home with confidence.

Today, I am excited to invite you to my upcoming homebuyer seminar! This will be on July 11 at 7 p.m. over Zoom. This will be very beneficial for all kinds of people, and I’m here today to tell you a little bit about it. 

Click here to register!

During this webinar, I will be going over important information about the national and local economies, as well as how inventory is changing with this small amount of supply. I will also cover interest rates, as you need to know about lenders and the process you will go through to get into your next home. Lastly, I will cover why it might be a good time for you to buy instead of waiting until later. It does pay to buy now and then wait instead of wait and then buy. 

This session will be great for someone who wants to buy their first home, someone who wants to downsize, and someone who wants to upsize. There is specific information you need for each of these three avenues, so know that I am here with that knowledge. No matter what situation you're in, even if you're looking to invest in real estate, this webinar will be very valuable for you. 

Click here to register!

If you have any questions about the webinar, call or email me. I hope to see you on July 11! 

Welcome to our June 2023 market update for the Northern Virginia, D.C., metropolitan area. In this edition, we'll discuss the current state of the market based on insights gathered from the recent Gary Keller's Top 200 mastermind event in Austin, Texas. Low inventory continues to be a prevailing trend, leading to multiple offers and potential price appreciation in certain areas. As a local real estate agent, I'll also share my observations on buyer behavior and provide valuable tips for both buyers and sellers in this market.

Across the country, agents are reporting a significant shortage of homes in the market, and our area is no exception. In fact, the current inventory levels in Northern Virginia are among the lowest we have ever seen. In a balanced market, we would typically expect around six months of inventory, but right now, we have only one to two months, varying by county. Fairfax and Arlington counties, for instance, are currently experiencing approximately a month's supply of inventory. This hyper-low inventory situation is driving multiple offers and contributing to the stability and potential appreciation of property prices, especially in close proximity to D.C.

An interesting trend we've noticed is the increased activity from buyers who have been on the sidelines for the past year or more. These buyers are now realizing that prices are not decreasing and are witnessing price appreciation in several counties closer to D.C. Consequently, we're seeing a surge in mortgage applications and more buyers entering the market, particularly as we enter the summer season. However, the low supply and inventory levels will likely keep prices stable and potentially drive further appreciation throughout the year.

"Low inventory continues to be a prevailing trend, leading to multiple offers and potential price appreciation in certain areas."

If you're considering buying a property within the next three to six months, the summer season might present an opportunity to secure a favorable deal. As the market typically experiences a slight slowdown in terms of property showings, you may have a better chance of finding a below-market or fair-market deal. On the other hand, if you're planning to sell your property, there is still time left in the spring to take advantage of the current market conditions. It's crucial to price your property fairly to attract potential buyers, as an overpriced property during the summer may sit on the market longer.

The Northern Virginia, D.C., metropolitan area continues to face a low supply and low inventory market, leading to multiple offers and the potential for price appreciation. With buyers recognizing the upward trend in prices, mortgage applications are on the rise, indicating increased buyer activity. If you're looking to buy, the summer season might offer an opportunity to secure a favorable deal while sellers still have time to list their properties in the spring market. As always, if you have any questions or require assistance navigating this market, please don't hesitate to contact us by phone or email.

How do we get your home ready to sell for the market, make the improvements, and not require payment until closing? Here at Keller Williams, we have a ready-to-sell concierge program called Keller Concierge.

What's great about this program for you is that if you're thinking about selling your home, we can perform all the improvements and renovations for up to $75,000. You won't have to pay for these renovations until your property closes. It's an interest-free loan for one year, so you can get it done at any point in time.

"If you can plan ahead, this program is phenomenal."

Once you’re ready to sell, we list the house just like we would in any other situation. When the property goes to closing, you would pay that money back to us. This means there's little to no out-of-pocket expense and very little risk for you as a seller in this market. We've noticed over the past ten years that when properties are ready to sell—freshly painted, newly carpeted, and well-presented—those homes consistently yield the highest prices.

If you can plan ahead, this program is phenomenal. We just want to make sure you qualify, so there are some qualifications we can discuss. Feel free to reach out to talk about this. If you're looking to sell your home now, this is a great time to start looking into this program and getting the work done.

This way, when you're ready to put it on the market, your property will show immaculately without any doubts. Give us a call or send an email—we'd love to answer any of your questions. 

Online valuations have been around for several years now, and there are now countless websites that offer them. You can find online valuations on real estate websites, Zillow, and even lenders and banks are providing them. However, the accuracy of these online valuations is still questionable, especially in Northern Virginia.

Online valuations are typically based on tax records and previous sales, which may not consider the discrepancies in prices of properties that are right next to each other. For instance, one property might be valued at $2 million while its neighboring property is valued at only $500,000. Additionally, online valuations don't take into account the differences in interior alterations, such as different kitchens, bathrooms, floors, square footage, backyards, and pools.

If you're looking for a more accurate valuation of your property, it's best to contact a professional. As real estate experts, we'll provide you with a broker opinion of value or an estimate of what your property is most likely to sell for in today's market. We'll take a look at your property, inside and out, and give you a personalized assessment that considers all the variables that an online valuation may miss.

Don't rely on online valuations alone; give us a call for a more accurate valuation of your property. Contact us today to learn more.

LOOK AT THIS: PRIVATE SALE

Annandale, VA

🤩CLOSED🔉 📍Arlington VA
PRIVATE SALE 💥
SOLD COMPLETELY AS IS 💥
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Low inventory in the DC area means fewer options for buyers, but that doesn’t mean that there aren’t some incredible deals to be made.

Buying a home? Click here to perform a full home search

  Selling a home? Click here for a FREE Home Price Evaluation

There is a shortage of homes in the marketplace right now in the DC area. Demand has remodeled homes with the nicest finishes selling quickly, far above list price, and with multiple offers. But this doesn't mean you're out of luck if you're looking to buy.

There is a lot of opportunity for buyers who are interested in buying homes that are not yet modernized. Homes that are in good condition, but need a few updates, are sitting on the market. These properties provide the opportunity for buyers to make low offers and sometimes even get closing costs paid for by the seller.

If you have any questions about the market or anything in general, please feel free to contact me by phone or email. I look forward to speaking with you soon.

What exactly is included in closing costs? As a homebuyer, can you get the seller to pay for the closing costs? 

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

What are closing costs and how can you get the seller to pay for all of them?

Closing costs generally include things like lender fees, title fees, and taxes. Closing costs typically run between 2.5% to 3% of the sales price.

For example, if you are buying a $500,000 home, you can expect $15,000 in closing costs.

As your real estate agent, it’s my job to find out how much of the closing costs the seller would be willing to pay for you.

In the fall, the market has been slowing down a bit. As a result, more sellers are paying for closing costs in our current market. That means you can ask the seller to cover that $15,000 in closing costs for the $500,000 house.

If you keep the closing costs in your pocket, you’re basically paying yourself that $15,000 in addition to the other down payments you make on the property. That’s 10%, 15%, or 20% down on the property right away, so when you go to sell, that’s equity right in your pocket.

If you want to know more about getting the seller to pay your closing costs as a buyer, just give us a call or send us an email. We would be happy to help you!