When looking for a real estate agent in Fairfax VA, it’s important to choose one with a proven track record. Our team has analyzed millions of home sales to identify the best performing agents. The data is based on past transactions and performance history. The top three percent of agents in Fairfax average 1.8x more transactions than the rest of the market and move homes on average in 41 days.
What the first step of the home buying process?
The home buying process begins when you decide you want to purchase a home. This step can be an emotional one for some buyers, but if you’re aware of what to expect, the whole process can be a breeze. The next step is the home appraisal. Your lender will arrange for an independent appraiser to determine the value of your home. Because the appraiser is independent of the lender and your agent, you can count on an unbiased assessment. This will help you determine how much to offer. It’s also a good way to get the lender’s confirmation that the home you want to purchase has been accurately valued.
Once you know how much you can afford, the next step is to apply for a mortgage. This will require a credit check and an interest rate, and it will help you narrow down the properties you’d like to see. This step is crucial for first-time buyers because a high housing market can mean bidding wars, and sellers would prefer to see a pre-approved buyer. You should also compare mortgage costs among lenders to find the best deal.
How long does it take to buy a home in Fairfax Va?
A home is a significant purchase, and timing the purchase correctly can save thousands of dollars. Although predicting the market is difficult, a local real estate agent in Fairfax can provide you with tips for timing your purchase. Buying a home can be stressful and involve weeks of touring different properties, filling out hundreds of forms, and devoting a large portion of your savings. Starting the process at the right time can make the process go faster and less stressful.
Depending on the type of home you’re looking for, the amount of time it will take to complete the process can vary. The average time to close a home in Virginia is 27 days, although you can get a quicker closing date if you have a loan pre-approval. In addition, the process can be expedited if you’ve received a cash offer.
During the 2010s, most Virginia counties experienced a large population loss due to migration, and Northern Virginia is no exception. Many young families are leaving the state to pursue opportunities in areas like Charlotte and Raleigh, which have home prices at least 50 percent lower than Fairfax County.
What is a seller’s market in Fairfax Va?
A seller’s market is when there are more homes for sale than buyers. While many buyers are eager to purchase a new home, some will not be able to find a suitable property in the current market. This is because buyers are finding homes with better value elsewhere.
In Fairfax, the median home price has risen by 140 percent since 1999. The cost of living in Fairfax is about 50 percent higher than the national average. As a result, the housing market is highly competitive. Buyers should use the services of a top real estate agent who will be able to help them find their dream home.
While the average sales price for Fairfax County is higher than the national average, the volume of home sales in the region has decreased. This has caused the median sales price to rise by 8 percent. However, prices in Fairfax City and Falls Church have both decreased. In August, over 380 listings sold at or above their list price. The remaining 451 listings sold below their asking price.
How much do I need for a down payment?
The down payment is the money you put down on a home before the mortgage company gives you the loan. The amount you put down can vary depending on the type of mortgage you’re applying for. You can pay as little as three percent or as much as twenty percent. A higher down payment will help you get a lower interest rate on your mortgage.
Some people choose to pay a large down payment on a home. This will give them more negotiating power with the seller, and lower interest rates. It will also allow them to avoid mortgage insurance and other fees. However, it can drain your savings, which may adversely affect your long-term financial health.
It is important to consider all of these factors when deciding how much to put down. A larger down payment will allow you to pay off your mortgage more quickly and avoid paying PMI (private mortgage insurance). Having a higher down payment can also save you money in the long run by reducing your interest rate. In addition to a larger down payment, it is important to consider closing costs, taxes, title fees, and appraisal fees. You should also make sure you’re financially stable before applying for a mortgage.
Del Aria Team
T25SA, 3975 Fair Ridge Dr, Fairfax, VA 22033