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The 3 basic factors in buying a home

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.

Filed Under: Blog Tagged With: buyer, McLean

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still 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’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  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'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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