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The 3 basic factors in buying a home

July 15, 2009 By Doug Francis

eliminationI have found that buying a home is a simple process of elimination. Having observed this process a few hundred times with buyer clients, I have unscientifically concluded that there are three basic factors at work.

  • Location

  • Price

  • Style

Location is the classic “buzz word” that people throw out when they are talking about real estate. It is one of the first questions asked to new clients since it will have a significant impact on what type of home we will be looking for in their price range. For example, if you want to live in McLean and can spend $600k on a detached home then we will be looking at older homes that may need some fixing up.

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Your Price range will be determined using a variety of factors. For most people price range is determined by how much the mortgage lender says they will give you, or how much cash you have on hand to make a down payment (3.5%, 20% or 100%), or as I like to ask, “how much do you really want to spend?” Often clients tell me that the bank will lend them a huge amount, but then confide that they still want to go on vacations and prefer to spend only x-amount per month so that’s where we start.

monkThe Style of an ideal home is unique for each client, and a key part of my job is to help you refine your ideas early on and then help refine that criteria as we see homes. Yes, even if you are a “type A” personality, I am willing to bet that you will continue to refine your criteria. It is an interesting time for couples as they discover each other’s interests and non-negotiables. My couple’s tip: each take a piece of paper and write down what you would like in your new home (5-minutes), then exchange pages and talk.

So keep in mind that the location you want to be in will determine the style and price range of homes currently available. Your price range will determine the style of homes available in your preferred location. And, the style of home available will be influenced by your price range and preferred location.

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Filed Under: Blog Tagged With: buyer, McLean

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

I’m so excited that you found me! Yes, this site covers real estate, but also a lot about lifestyle and  living in Vienna, Virginia outside Washington, D.C.

There is a lot of info here, and you can also contact me with any specific real estate questions. And, at home consultations are available too.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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