Everyone knows this is a very favorable buyer’s market.  Prices are down, Sellers are willing to offer concessions, lots of “short sales” and bank-owned foreclosures. All in all, a good time to buy a home.

It’s not like going out and picking up a pizza, thought.  You have to have a plan and your ducks have to be in a row.

What’s Important When Buying a Home in The MD Suburbs of DC

Before you head out into the market, there are a few things to consider:

  • do you qualify for a mortgage and, if so, how much of a mortgage
  • do you have cash to make the required down payment and/or closing costs
  • do you know where you want to live
  • what type of home do you want

I can’t tell you how many times people will tell me “Oh.  I’ll live just about anywhere.” or “I want a four bedroom single family home under $200,000.” Sometimes people ask to look only at foreclosures and “short sales” thinking they’re going to get a “deal” only to realize that the kitchen has been stripped bare, the carpet is trashed, there are holes in the wall, there is water in the basement or a host of other issues that you will need to address after they buy the home and move in (see “Paying to Fix Up The Fixer-Upper”).

A Plan

Planning is good because it really helps you, as a home buyer, clarify your goals.  When you see the house you want, it’ll sing to you.  It also helps cut down endless amounts of time running around from one place to the next. After awhile the homes all tend to blur together. “Did I like the one with green paint in the bedroom?” ” What was the address for the one with the really nice kitchen?”

The Internet is a wonderful thing.  It allows you to look around from the comfort of your own home (or at the office!).  A lot of homes will have virtual tours, a lot will have public disclosures about being a “short sale” or needing “third party approval” or being “bank-owned”.  You can tell which ones have the number of bedrooms and baths you want, if they have a basement or a fireplace and on and on.

That way you can get your plan together and when it’s time to talk to a mortgage officer and a Realtor, it’ll be tons easier for you to find and purchase the home you’d really, really like.