Buyer's Guide

Step 1: Research

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

Step 2: Decide on Your Budget

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Step 3: Get Prequalified

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

Step 4: Choose a Real Estate Agent

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or neighborhoods, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

Step 5: Find the Right Home

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Step 6: Make an Offer

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

Step 7: Have the Home Inspected

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Step 8: Select Your Loan

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

Step 9: Get a Home Appraisal

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

Step 10: Finish Paperwork

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

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Marilyn

Michelle helped us get our dream home. Michelle is easy to work with. Very responsive and cooperative. I would definitely use her again for any real estate transactions.

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Michele was great to work with very knowledgeable and super helpful. She was great on the video walk through. Michele helped through the whole process from start to close.

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Michele was a pleasure to work with. She made the process of finding and buying a home such a breeze. I am so grateful. Without her, I wouldn't have found the home of my dreams.

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Michele has been such a great advocate in my home buying experience. She explains things very well, and didn't make me feel embarrassed as a first time home buyer with lots of stupid questions.

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Far and above the best agent I have worked with. Was friendly, patient, knowledgeable and extremely attentive to our needs. I would recommend him to anyone interested in purchasing a home in DC.

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Michele is an A+ Realtor®. Her knowledge of the area as well as the home-buying process is unmatched. As a first time homebuyer, Michele made me feel comfortable and organized from start to finish. I really could not have asked...

Mauricio V.

It was a pleasure to work with Michele. Due to Covid, the whole home-buying process was remotely, but Michele made it feel like we were there the whole time (currently in GA, but moving to northern VA soon). She is very knowled...

Alexia R.

So professional. The minute I submitted my information she contacted me and made this process so easy. She’s got so many years of experience, and she’s also a vet. So she knew exactly how to assist me with my VA loan. I have re...

Adrian J.

I'm so glad I had Michele to guide me through the home hunting and buying process. Super knowledgeable, responsive, available, persistent, and level-headed. She worked in property management for years, so when we were touring p...

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I can’t say enough about Michele and her expertise, her knowledge of this Realtor® business is impressive. This is the 4th house I purchase and her assistance was by fast the best I experienced. It does not surprise me as she l...

Anya W.

Michele was a fantastic Realtor®. As a first time homebuyer, I appreciated that she took the time to explain every step of the process to me. It relieved a lot of stress to have all the paperwork explained to me in simple terms...

Brendan R.

Blake was exceptionally proactive in the process and provided outstanding service from the beginning of my home search to after closing. Communication was seamless, and he was always available to answer questions and provided u...

Martin R.

Our experience with Michele could not have been better. She was knowledgeable, honest, attentive, and always available to answer our questions. She made us feel comfortable with a process that can be very overwhelming, as first...

Arethetta

Michele Barrera is a super star agent. Michele is very flexible when it comes to busy work schedules. She was more than willing to show properties late evenings and early mornings. Much appreciated. Michele is transparent and h...

Benjamin T.

Michelle was very easy to talk to and listened to what we wanted in a home. She was very patient with my uncertainty and never pushed us to do something we were uncomfortable with. She was very flexible with our times due to th...

Shiva S.

As a first-time home buyer, I was so fortunate to have found Michele Barrera. She helped me to find the right house in the right neighborhood for the right price. She has a great knowledge of the surrounding area and she was al...

Ben H.

I could not be happier with my choice to work with Michele. I moved across the country to Virginia in the middle of the Covid-19 Pandemic, meaning I had to buy a property sight-unseen. Michele was extremely knowledgeable and to...

Laura F. & Kahled F.

We used Michele to look at a house we found walking the neighborhood as she was the agent listed. We ended up not going with that particular house, but she was instrumental in finding us the house we eventually purchased. She a...

Phil O.

Michele is simply amazing. She made the process of buying our dream home a reality. I am sure that we would have not bought this amazing condo without her help. Why? Because we made an escalating offer and the seller passed it ...

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A Step-by-Step First Time Buyer's Guide