Famous for its historical monuments and connection to the Civil War, Washington, GA, is also a rich residential market with a wide range of homes and family-friendly communities. If you plan on buying a home in Washington, especially if this is your first time, navigating the hot market can be daunting. Here are five expert tips to help you carefully plan and execute the perfect purchase.
Consider Current Home Prices and Mortgage Rates
While only somewhat competitive, the Washington housing market is dynamic and constantly reacting to economic and government factors. The median price of homes for sale in Washington is currently 265,000. This is a 55.9 percent increase from last year. Such large movements are common in the Washington market, and your first job as a homebuyer is to ride them. If you have enough time to wait, you can save thousands of dollars by buying your home when the market is in a dip. In terms of mortgage rates, time your purchase to when the market has stabilized between 6% to 6.5%.
Improve Your Credit Score
The price of homes in Washington at any time matters little to you if you have bad credit. This is because lenders use your credit score to determine your interest rate. Usually, the higher your credit score, the lower the interest rates. Aim for a score of about 670 or higher, and keep raising this score as you lead up to your purchase. Also, bring your debt-to-income ratio (DTI) to lower than 36%.
Consider All the Costs
As long as you are not paying cash, the down payment is the most crucial out-of-pocket cost you need to meet to purchase a home. But it is not the only one. You also must pay closing costs, including inspection fees, taxes, and other expenses. To create a sustainable budget, get pre-approved for a mortgage to determine what price home you can afford. Calculate 20 percent of the price and set this aside for the down payment and 5 percent for the closing costs, with some contingencies.
Visit and Appraise the Home Personally
With your finances in order and a budget in place, you can start to look at homes for sale in Washington. Your agent will usually have access to the local inventory and MLS listings and can shortlist some properties that meet your needs and fall within your price range. However, it is paramount that you visit these homes in person. Make time to attend open houses, see, and walk around the property. Talk to some neighbors and get a feel of what living there would be like.
Schedule an Inspection
Your eyes on the ground are an excellent way to visualize yourself in what could be your new home. However, your untrained eye may see some details, which is why you should hire an inspector. A home inspector will check the home for any issues that could cost you later. With this report, you can demand that the seller make repairs or back out of the deal if the damage is extensive.
Find Your New Washington Home with Jenny Reville
Of course, these strategies only work if you have the right team on your side. An experienced real estate agent like Jenny Reville is the heart of that team and all you need to close the best deal possible. If you are ready to begin your home-buying journey, call Jenny today to start looking at Washington luxury homes for sale.
