The process of buying a home in Northern Virginia is complex. You can't go out and tour houses yourself, so there are others assistance of an agent. In addition, your agent will be paid a commission. You should ask around for recommendations and research local agents.
Home prices in Northern Virginia have been declining since 2018
The shortage of housing supply in Northern Virginia is driving up home prices. In the past two years, prices have increased by more than 7%. However, this shortage is not likely to last forever. The supply of homes on the market is expected to catch up to demand by 2022. This means that house prices will slow down. New construction in the area will stabilize and only increase slightly. Still, Arlington real estate prices have remained high for years, fueled by strong job growth and high household incomes.
The median home sales price has increased by nearly $25,000 year-over-year. While the number of homes for sale in Northern Virginia continues to decline, the average sales price has reached an all-time high. A recent Redfin report shows that median sales prices were up 4.7% year-over-year in July. In August, the number of homes on the market was down by nearly 20% from the same period last year.
Getting pre-approved for a mortgage
Pre-approval can help you avoid the disappointment of being turned down by a seller. The first step is to get your home appraised. If the appraisal comes in lower than your contracted price, then you'll need to negotiate with the seller. There are two options: either reduce the contract price to reflect the lower appraisal or bring more money to the closing table to make up the difference. In some cases, you can even combine both approaches.
The next step in the home buying process is getting pre-approved for a mortgage. This step will help you determine how much you can spend and still buy the house of your dreams. Lenders generally look for a total debt load of 40% or less of your gross monthly income. This includes your current debts and future mortgage repayments. You also need to consider any HOA fees that may come with a particular property.
Getting a home inspection
Getting a home inspection when buying – or selling – a house is an important step that all buyers, sellers, and real estate agents should take. Having a professional check up the house can prevent you from having any unexpected costs or headaches down the road. A typical home inspection in Northern Virginia costs around $353. The cost will vary based on the size and age of the house. A small condo inspection costs about $200, while a single family house inspection will cost at least $520.
A home inspection provides an opportunity to find hidden flaws in the structure of the house. Getting one can help you prevent potential problems such as leaking faucets, broken window glass, or an unstable roof. In addition, many real estate contracts include a "home inspection contingency clause," which protects the buyer in case of a problem with the property.
Getting a mortgage
If you're considering buying a house in Northern Virginia, you need to know your budget and work with a knowledgeable real estate agent. Before you start your search, you should get pre-approval for a mortgage. This will let you know how much house you can afford and narrow your search. Your mortgage approval will depend on your credit score, income, and other factors. Once you know your budget, your real estate agent can help you determine which neighborhoods and houses fit into your price range.
The next step is to complete a contract. This document can contain a variety of terms and conditions. It is important that you get all your documents together in a timely manner, since any errors or omissions could cause problems for the process. You should also avoid making major purchases during the contract period, as these could affect your eligibility for a mortgage. Once the contract is signed, the closing paperwork will need to be completed. You should also make sure you're insured by homeowner's insurance.
Buying a home in Fairfax County
If you're considering buying a home in Fairfax County, Northern VA, there are a few things that you should know. First of all, this is a popular area for people to move. You can find a new home quickly and get started on a new life elsewhere. The traditional process of selling a home involves a realtor, renovations, and hosting showings.
The median listing price of a Fairfax home is $650K. Homes in this area are moderate in size, and are typically two to four bedrooms. Many of these homes are older and were built in the mid-1950s or later. Victorian-style homes and Colonial-style homes, which were built more than 100 years ago, are larger and generally sell for a higher price. You can also find historic homes in Fairfax, as well as new condominiums.
Buying a home in Alexandria
If you're considering buying a home in Alexandria, Northern Virginia, it's important to understand the real estate market. There are many factors to consider, including the location, quality of life, and price range. Real estate agents can help you determine your budget and find the right home for you. Keep in mind that the current economic conditions can make home values more unpredictable, so be sure to plan accordingly.
One of the biggest factors in the current housing market in Alexandria, VA, is the high demand for housing. It's common for a home to receive multiple bids within 12 hours of being listed. This means that buyers may try to cut costs by skipping a home inspection, which Eisenhard advises against.
Buying a home in Prince William
If you're looking to buy a home in Northern Virginia, you'll want to make sure your budget is in line with the current market. The median price for homes in Prince William County was $614,000 in 2019, up 8% from $590,000 in 2018. If you're buying your first home, you may find that you'll need a larger budget to afford a single-family home.
There are many reasons to buy a home in Prince William County, including its proximity to Washington, DC. The area's tax rates are lower than those of neighboring counties, and the housing market is diverse and friendly.