Updated: Aug 17
Are you looking to purchase on home in Arlington, Virginia? Despite the coronavirus outbreak, there is still buyer and seller activity although the home buying process is quite different these days. With virtual home showings and online "open houses", there are a few other things you've got to know about buying a home in Arlington.
Determining Your Ideal Budget
Before we start searching for your dream home, we recommend that you set an ideal budget based on your needs and wants. Buying a home is a large investment and spending more than you can afford is not ideal.
Here are some questions to help you in determining your budget:
What is your current financial situation?
Do you currently have any debt? If so, how much debt are you paying off monthly?
Do you a continuous source of income and a stable job during and after the pandemic?
How much can you spend on a down payment?
How much can you spend on your monthly mortgage payment?
With these questions in mind, think about what your ideal home would be and what home features are the most practical and important to you. After all, you'll be spending ten years or more in your new home. Once we go over your financials and your new home preferences, I will help you prioritize what specifications you are looking for so that you’ll have some flexibility when searching for your dream home.
Pre-qualifying for a Mortgage Loan
Now that we discussed your financial situation and your new home wish list, it is time to get you pre-approved for a home loan. Finding out the loan amount before diving into the home search will help you set your final budget and allow you to narrow your home search thus saving you lots of time and energy. I will help you search and choose a trusted mortgage company and find you the right loan program from the many loans available to buyers in today’s market. The good news is that you could take advantage of the current low mortgage rates. Currently, the average 30-year fixed mortgage rate is at 2.95%.
Hunting for Your Arlington Dream House
Once you get pre-approved, I will start searching for your dream home based on your final budget and wish list including your preferred neighborhoods and locations. I am very knowledgeable of the Arlington County real estate market because I grew up here. Once I find house that meet your criteria, I recommend you review the listings online and ask questions about the listings so you can be well informed about each property you have an interest on. It will make it easier on you when it comes down to making the final decision on which house you'd like to put an offer on.
Once we have a list of the houses, you're interested in seeing, I will coordinate the house viewings. While many online listings offer 3D tours, an in-person visit will give you a better feel of the home. However, traditional open houses aren't held the same during this pandemic and there are some COVID-19 protocols to follow including wearing your mask, staying 6 feet apart, sanitizing your hands before entering a home and avoiding touching anything unless necessary.
Making an Appropriate Offer
Once we narrowed down your home search, you are ready to make an offer. The advantage of working with me is that you'll have a professional and highly knowledgeable agent by your side. When it comes to making the offer, I will help you determine the right price by looking at existing appraisals on nearby properties and reviewing any current home inspection on the house. There is also the possibility of the seller to counteroffer and in that case, I will take advantage of my negotiation skills and work to ensure that you and the seller agree on all terms.
Buying a home during a pandemic doesn't have to be frightening. While the home buying process is complicated and requires deep understanding of the local market, working with me will give you the peace of mind that you need during these unsure times. I will make sure that all your questions will be answered in a timely manner and I'm confident that I can find you your dream home, hassle free.
For more tips and updates about Arlington Virginia real estate and living check out my blog and follow me on Facebook @Brad Winkelmann Real Estate Arlington VA, Orange Line Metro.