237 Burgess Ave, Alexandria
Buying a Home in Alexandria VA - Your Complete Guide
You've landed on this page because you're probably in the initial stages of the home buying process. Buying a home is a huge step, even though this might not be your 'first rodeo', you can probably count on one hand the number of times you'll do this in your lifetime. You owe it to yourself to research, learn what you can, and most importantly, have the right agent and resources by your side to guide you along the way.
The #1 mistake buyers make is starting the home search without a mortgage approval. This is critical. Your mortgage approval helps you by providing information such as:
- Your sales price - It's a emotional disaster when a buyer falls in love with a house, then attempts to get a mortgage approval only to get declined for a loan, or realize the payments are out of reach.
- Your estimated monthly payments - A reputable mortgage loan officer will provide you with an estimate of your monthly payment that includes principal, interest, insurance, taxes, and monthly condo/HOA (homeowner association) fees.
- Your loan type - Do you qualify for a conventional, FHA, VHDA, or VA loan? These loan types have different qualifying guidelines, different interest rates, and different down payment requirements. Also, some loan types will have restrictions on the types of properties you can buy. For example, if you are approved for an FHA loan and are buying a condo, you can only look at condos that are FHA approved. If you are using a VA loan, you can't expect to buy a fixer-upper that needs to be gutted and is inhabitable.
- Your closing costs - Down payment and closing costs are two different things. Your down payment is a percentage of your purchase price. Closing costs are the total costs to close your real estate purchase. It sounds confusing, but that's exactly why you should know and understand before starting your home search.
When you're ready to buy a home, make sure you understand the Alexandria VA real estate market conditions. You've heard the phrase, "real estate is local," it's true. Market conditions vary between jurisdictions, zip codes, and subdivisions. Is it a buyers market, a sellers market, or a balanced market? How long are homes staying on the market? Are sellers getting their asking prices? Are sellers contributing toward buyer closing costs? Once you have a firm understanding of the local market conditions, you'll be in a better position to make an offer on a home.
Get instant email notifications of new listings as they come on the market. We have access to new construction homes, resales, foreclosures, short sales, and For Sale By Owner (FSBO) homes. Use this site to search and access the MLS for homes for sale in Potomac Yard, Old Town, Del Ray, and surrounding areas.
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