This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703-244-6115 or email [email protected]. You may also submit your questions to Corcoran McEnearney via email for response in future columns.
Question: What should I know when trying to buy a house?
Answer: That’s a great question! Many buyers think that the first step is to go to open houses and see what you like in a home. While that’s fun, it can be counterproductive, especially if you are looking in the wrong price range. It’s also kind of like putting the cart before the horse, since there are several steps that should be accomplished before trying to make an offer on a home.
Here are my top tips for positioning yourself well and competitively, when you’re ready to buy.
1. Talk to a Lender
Many buyers think, “Of course, I will qualify, so I’ll deal with choosing a lender once I’m ready to make an offer.” However, even the most qualified buyers can run into hiccups, if they have not submitted a loan application already. There may be something that pops up, such as a debt you didn’t know about, or even someone using your name for credit. These are things that you need to find out as soon as possible. Even more importantly, a lender will give you a true picture of what you can afford.
Many of our buyers have been looking at the wrong price point, not realizing they could afford more, or shopping for homes that would not fit their budget. It’s important to have a very clear picture of your price range. A lender can also look at your credit and help you to improve your score quickly. It doesn’t cost you anything or hurt your credit to talk with a lender, submit an application (even if it’s early in the process), and figure out your true buying power. It’s best to do it sooner rather than later.
2. Set Your Priorities
While pricing is important, you should also assess what else matters to you. How many bedrooms do you want or need? How many square feet? Number of baths? Parking? Distance to work, family, or other frequently visited spots? Ability to sell easily in future? Make a list of all your priorities and then rank them.
3. Choose a Realtor
A Realtor can help you target communities that fit your most important priorities. You DO NOT want to be picking a Realtor the day you find the home you love. And you most likely do not want to pick the listing agent to represent you, since they were hired to represent the seller. It is in your best interest to already be working with a Realtor, even if you know it will be several months or even a year before you buy.
Choose a Realtor who is knowledgeable, has experience, and that you feel comfortable with. Meet with them in advance and ask all your questions. I would suggest asking: How many homes have you sold? What are the lowest priced homes you’ve sold and the highest priced homes you’ve sold? What are your suggestions for winning in a competitive market? Do you think I should have a home inspection? BTW, I think you should always have a home inspection. I also believe that the location of the home should not impact your choice of Realtor (unless they are not licensed in that jurisdiction), as it’s their skills that matter most. Again, it’s best to choose your Realtor sooner than later.
4. Drive Around Neighborhoods
If you are interested in an area, look carefully at the neighborhoods. Drive your commute, especially in rush hour, so that you can see if this is a commute that you’re really comfortable with. Maybe even take a walk in the neighborhood and ask some of the neighbors how they like living there. Look on social media sites for a neighborhood group. It’s really important to know the vibe and what, if anything, the neighbors love or don’t love about the community.
If you are looking for a local, experienced agent to guide you through the process, negotiate on your behalf and ensure that you make informed decisions, don’t hesitate to reach out!
Hope Peele is a licensed real estate agent with Corcoran McEnearney in Alexandria, Virginia. She grew up in Old Town and currently lives in Del Ray. As a partner with The Peele Group, Hope is dedicated to guiding her clients successfully through the many-faceted process of buying or selling a home. Contact Hope at 703-244-6115.
If you would like a question answered in our weekly column or to set up an appointment with one of our associates, please email [email protected] or call 703-549-9292.
Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.
