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My pre-season playbook for the fall real estate market

By Doug Francis

jim zornI met with some folks the other evening to discuss buying their first home, and here are some thoughts that rang through my head as we reviewed numbers, the $8,000 first-time home buyer tax credit, and the current real estate market in Northern Virginia. Yes, pre-season camp is starting for the Redskins and, like coach Jim Zorn, I am reviewing the basic playbook so we are on the same page.

  • Mortgage Interest Rates:

Rates have dropped in the past couple of weeks, and I was seeing the FHA rate at 5% with 1 point on July 21. Rates and points go up and down depending on consumer demand so having a “float-down” option is an especially good idea. Keep in mind that rates change daily. In my book, it is essential that you have a pre-approval letter from a mortgage company before you head out the door house hunting.

  • The first-time home buyer tax credit:

The qualification cap for an individual is $75,000 in annual income. The qualification cap for married/ joint filers is $150,000 combined annual income. In my book, you need to “close” by the end of November. Yes, they say December 1st in the government fine print but, if there is a delay caused by a technical difficulty, car accident, or some other unexpected issue then you are out-of-luck, baby cakes!

  • The current market:

Buyers in our area are much more motivated especially for homes that are in decent condition. Stories of multiple offers on a new listing or escalation clauses included with offers are getting to be common. In June, one of my clients was out-bid on two properties. In my book, take your search seriously and when you see a home you like then put in a well prepared offer… because if it appeals to your picky standards then someone else probably likes it too!

Having a buying strategy makes the process much more effective and enjoyable. That is why I sit down with clients to review the process, closing costs and mortgage options right from the start. To me it is a natural sequence that yields the desired results of finding the right house and actually buying it.

Down, set, hike!

Filed Under: Blog Tagged With: $8000 tax credit, buyer, mortgage

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

Office: 703-319-3344
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