There are five basic ground rules when it comes to buying a home in {Location_Name} and shopping smart, and they are:
#1 – Get your financing before shopping around for real estate in {Location_Name}
There are few things in life as disappointing as losing out on the home of your dreams due to not being able to secure funding. While the desire to get out there and search for that great home is understandable, it is vital to line up the financing you will need before you start shopping for a home.
Getting the financing ahead of time has a number of important advantages, including knowing how much you can buy and gain more respect from the listing agents. By knowing how much home you can afford before you shop you will avoid wasting your time looking at unaffordable properties, and the listing agent will be more than willing to show you the homes in your price range.
It is also important to take a good look at the various types of mortgage on the market before getting started in the home buying process. These days, mortgages come in far more choices than the typical 15 or 30 year. For that reason, potential home buyers need to understand how each type of mortgage works, and to gauge which mortgage is the best choice for their needs.
#2 – Look at the community in {Location_Name}, not just the home
It is a good idea to look at the entire community, instead of focusing on a single home. This can be a particularly important thing to consider for those moving to a new metropolitan area, as these buyers will be unfamiliar with the local climate and lifestyle. It is crucial to determine the areas of town that are most desirable, and to consider things like distance from work and local shopping opportunities.
We have all heard that location is the key consideration when it comes to real estate, and that is certainly the case. Buying a house in the wrong area can be a big mistake, and it is important to choose the location as well as the home. Potential buyers can learn a great deal about the nature of the various neighborhoods simply by driving around town, as well as by talking to other residents.
#3 – Be fair with your first offer
Trying to lowball a seller on the first offer can backfire, as can paying too much. It is important to carefully evaluate the local market, and to compare the asking price of the home with what similar houses in the neighborhood have sold for.
Comparing the sales of comparable homes, what are known as "comps" in the industry, is one of the best ways to determine what is fair, and to make sure that you neither overpay or underbid on the property.
#4 – Always get a home inspection
Always investigate the home for any possible defects before making an offer. Compared to the cost of the average home, the price of a quality home inspection is virtually negligible. Hence, get a good home inspection done before you buy.
To find the best home inspector, it is a good idea to seek out word of mouth referrals as many of the best home inspectors rely on word of mouth advertising.
#5 – Do not alienate the sellers of the home
Many real estate deals have fallen apart due to the personal animosity of the buyer and the seller. It is important to avoid alienating the seller of the home during the process, and to avoid nitpicking every little detail during the sale.
Keeping the goodwill of the seller will help the transaction go smoothly, and it will provide the best environment for seller and buyer alike.
[learn more about the home buying process]
“Using a real estate agent is a very good idea,” says the U.S. Department of Housing and Urban Development (HUD). "All the details involved in home buying [and selling], particularly the financial ones, can be mind-boggling. A good professional can guide you through the entire process and make the experience much easier."
What’s the Difference Between a Real Estate Agent and a Realtor?
National Association of Realtors
More than two million people have earned real estate licenses but only a small percentage of these are Realtors. Realtors are members in good standing of the National Association of Realtors, their state association of Realtors and a local real estate board. Realtors are held to high standards of ethical behavior and must undergo continuing education annually to remain accredited.
All agents of Nesbitt Realty are Realtors!
What Does a Realtor Do?
Realtors are required by law to:
perform necessary and customary acts to assist in the purchase or sale of real estate.
perform these acts in good faith and with reasonable care.
properly account for money or other property placed in his or her care.
disclose “adverse material facts” which are, or should be, within the agent’s knowledge.
The MLS is a database of homes listed for sale.
A Nesbitt Realty Realtor will be well acquainted with the important things buyers want to know about your property's neighborhood. When it comes to selling your home, a Realtor will save you time and aggravation. We will get your home on the market instantly with the MLS. When an offer comes in on your property, our Realtor will help structure the deal to maximize your proceeds. He or she will guide you through the mounds of paperwork.
Nesbitt Realty pays for all advertising, schedules all open houses and makes sure potential buyers are qualified. The money they can save you is often more than the cost of our commissions.
[learn more]
Setting a Rental Budget
For many renters, the most important factor for consideration is how much are they willing to spend on a rental per month. For this reason, it should come as no surprise that the first step in the rental process should include establishing a budget. Renters should consider their monthly income and subtract all of their monthly expenses from this amount. Monthly expenses should include all bills which are paid regularly as well as money spent on food, entertainment, and miscellaneous items monthly. The renter may also wish to subtract an additional amount to allow for some savings each month as well as emergencies. The total left after these deductions is the amount the renter is able to spend on a rental per month. Once this amount is established, the renter will have a better understanding of the type of rental they are able to afford.
When you know your budget and you are ready to shop for a new home in {Location_Name}, contact an agent. Rental agents cost the renter nothing and they do not work for one specific building. A rental agent can see all the rentals that are available to make sure that you get the best value for your money. [Learn more.]
Nesbitt Realty has been in existence for more than 10 years, and our team has been involved with property management for another 20 years prior to that.
All property managers at Nesbitt Realty are licensed real estate agents who report to a licensed real estate broker. Our agents are knоwlеdgеаblе about Virginia rеgulаtіоnѕ fоr hаndlіng rеntаl іnсоmе, ѕесurіtу dероѕіtѕ, аnd оthеr financial mаttеrѕ.
In аddіtіоn to lісеnѕurе, сеrtіfісаtіоn indicates mоrе еxtеnѕіvе іnduѕtrу knowledge. Nesbitt Realty is a member of
National Association of Realtors,
Virginia Association of Realtors,
Northern Virginia Association of Realtors,
Better Business Bureau,
National Aѕѕосіаtіоn of Rеѕіdеntіаl Prореrtу Managers member and has several related affiliations.
Nesbitt Realty has some of the lowest fees in {Location_Name}. There is no set-up fee at Nesbitt Realty.
Aubrey Nesbitt is a native of Northern Virginia who attended Virginia Commonwealth University. He is a veteran of the US Army and helps his family business by providing informational articles like this one. In addition to photography and blogging, Aubrey provides administrative support for the office.
Aubrey is a service-disabled retired veteran and a part of our family. We give him the opportunity to work at the office and on the web as part of his recovery. The opinions and statements presented by Aubrey are his own and we don't necessarily agree with them.
