Try These Tips To Avoid The Desperation That Comes With Buying A Home In The DC Area


A feeling of dread is understandable for those trying to find a home in the competitive DC area housing market, but there are things you can do to improve your odds.

A feeling of dread is understandable for those trying to find a home in the competitive DC area housing market, but there are things you can do to improve your odds.

“We have seen the most dynamic market since 2006,” said Corey Burr, senior vice president of TTR Sotheby’s International Realty.

He said this market is stronger than in 2006 because the pandemic causes all demand to be pushed at the same time.

“On the best properties in the best neighborhoods, there are multiple deals almost all the time,” Burr said.

To win a bid, Burr said he recommends three tips to his clients as they strive for victory in these auction wars.

The first is to already have a ready-made loan with a lender before you bid on a home.

Next, he recommends making sure you have a real estate agent who knows how to win in multiple bid situations. The steps they should consider are adding escalator clauses that let sellers know you’re ready to raise the price.

There are other ways to soften a deal, but Burr said the real estate agent should know how to limit a buyer’s risk when writing an attractive offer.

Finally, he said to have a home inspector on your team. Someone who can tour the house with you before you make an offer.

“To make sure that there is nothing fatal to the disease, so that they [the buyer] can bid without inspection, ”Burr said.

Some advice to homebuyers has been to write letters to the seller hoping to convince them to accept your offer. Burr said these have been used, but aren’t always effective.

“Really, it’s the money and the terms that speak a lot louder than those ‘love letters’,” Burr said.

The hottest markets are closest to downtown DC, according to Burr, so he said shoppers should consider looking at neighborhoods a bit further afield.

“If a buyer wants to get into that first ring outside of the closest neighborhoods, that’s where they’re going to find the best deals right now,” Burr said.

Silver Spring and Wheaton are among the places where he says better deals are currently seen.

Another tip for those struggling to strike a deal on a new home, Burr said he is reviewing homes that have been on the market for at least seven days.

Through it all, Burr said there was one thing to keep in mind: the market is just coming out of its busiest six months, which means business will get lighter in the future and hopefully will make finding that new place a bit easier.

Like WTOP on Facebook and follow @WTOP on Twitter to start a conversation about this and other articles.

Get the latest news and daily headlines delivered to your inbox by signing up here.

© 2021 OMCP. All rights reserved. This website is not intended for users located in the European Economic Area.



Source link

Previous A 'Requiem' for an Author - Times News Online
Next Norland named UK's top university for improving graduate outcomes

No Comment

Leave a reply

Your email address will not be published. Required fields are marked *