When buying a single-family home in Fairfax, Virginia, it's important to understand Del Aria Investments Group crm features tells about local market and what price ranges are available. It's also important to understand how to get a loan pre-approval and secure a ratified contract. The next section of this article provides information about getting pre-approved for a mortgage and buying a house in Fairfax.
Price ranges for single-family homes in Fairfax
Demand for single-family homes is high in Fairfax, and home prices have increased by 18% from last year. One factor that drives home prices is the property taxes, which are typically added to monthly mortgage payments by the lender. Fortunately, Virginia property taxes are low compared to the national average. These taxes are based on the assessed value of a home, which is not the list price. The more expensive a home is, the higher the property tax bill.
Sales volume is expected to be slow through the start of the year, but will pick up as the spring season approaches. Last month, Fairfax home sales totaled 1,285 units, down by nearly 30 percent from July 2022. However, it's important to note that these statistics are preliminary and could change at a later date.
The median sales price of a home in Fairfax is $560,000, which is slightly less than last year's median. Fairfax homes average about $300 per square foot, which makes them reasonably large for the price. In February, homeowners had an average mortgage payment of $2,729 per month. Housing costs in Fairfax are slightly above the national average, but it's still cheaper than living in most places.
Time of year to buy a home in Fairfax
Time of year to buy a home in the Fairfax area is an important factor to consider. Spring is one of the busiest months, bringing warm weather and the end of the school year. The healthy market offers buyers choices and competition. There are several advantages to buying during this time of year, including lower interest rates.
Historically, the housing market slows down as the end of the year approaches, but late August can offer buyers excellent bargains. Sellers will cut prices even further, and homes that have lingered on the market for months may be a great find. And in some cases, they will have been abandoned by their original buyers. However, buyers should be cautious when buying at this time of year.
During the summer, Fairfax's housing market remains active. The sellers are still looking for serious buyers, so be prepared to move quickly. If you can time the purchase and sale together, you can make a successful transaction.
Getting a loan pre-approval
Getting a loan pre-approval is an important first step for serious home buyers. The process is simple and can be completed online. All you need to do is gather your financial information and find a lender with an automated pre-approval process. While the process may take a few days, it's free and demonstrates your credibility as a buyer.
If you're purchasing a home in Fairfax, it's important to qualify for a loan. Most types of financing require a home appraisal, and few people can afford to pay the full price of a home in cash. In addition to obtaining a loan pre-approval, home buyers also need to have the funds for a down payment, closing costs, and one month's mortgage payments in savings.
When you're pre-approved, lenders are more likely to accept your offer. Having a pre-approval letter will also help you avoid disappointment when you're shown an expensive home that's out of your price range. Pre-approval is a simple process involving an application for a mortgage from the buyer, resulting in a written commitment from the lender. This assurance gives the seller an idea that the buyer is serious and ready to buy. Pre-approval fees are nominal, and lenders often will waive them if you close your loan.
Getting a ratified contract
Getting a ratified contract before purchasing a home in Fairfax is an important step in the home buying process. This document will legally start the home purchase, and it's also essential for the FHA loan process. It locks down all the terms of the purchase and sale, protects both parties' interests, and simplifies the communication process.
A real estate contract will detail all the details of the transaction and is a legally binding commitment for both parties. An oral agreement isn't enforceable in Virginia, so it's best to get a written contract. Before signing a contract, buyers should thoroughly check out the home and neighborhood, including schools, shopping, and homeowner's association restrictions. It's also a good idea to get legal advice.
Buyers should organize a home inspection, which will let them check the property for any defects. If any problems are discovered, they can ask the seller to make repairs or walk away from the deal altogether. In addition, the pre-settlement property access law in Virginia allows for multiple inspections in the last seven days before the closing date. This ensures that the home is in good condition before the closing date.