The pandemic has had a surprising effect on the housing market: it’s booming. Mortgages are at historically low rates and real estate is being snatched up by eager buyers. But if you’re interested in entering the battle for your dream home, you first need to know what you’re looking for.
Finding your ideal house might sound difficult, especially the more you consider it. How will you find a place that checks all your boxes and is within your budget? Well, it might not be as hard as you think.
The best way to start, says Relator Lou Vivas, is by making a list of the top ten things you most want in your future home. Now cut that list down to the top three factors you can’t live without.
“Unless you have unlimited resources, no one can get all 10 things into their dream home, but you can definitely narrow it down to at least three and really go after it,” Vivas said.
Trevor Kershaw, one of Vivas former clients, remembers this process well. After renting in the District for several years he finally decided it was time to buy his own place. While he had done some research ahead of time, he credits Vivas with keeping him organized and helping direct him so as not to get overwhelmed.
“He would go with me to some of these places and say, ‘ah, here’s an idea,’ or ‘you know, this might not fit all your needs,’” Kershaw explained. “It was cool to get that in-person walk-through.”
But Vivas biggest piece of advice for perspective homeowners is to get a buyer’s agent, particularly one who knows the area you’re interested in.
Every agent is automatically working for the seller because that’s who’s paying their commission, Vivas explained. Until you hire a buyer’s agent, you are not represented.
While recently selling a property on 14th St in Columbia Heights, a couple came in without an agent, Vivas recounted. They were so excited about the house that they made the mistake of telling him they could pay over asking price.
“I’m not working for them,” Vivas explained. “I’m working for the seller, and I’m legally obligated to take care of the seller, not the buyer. When you find [a property you love], make sure you have representation.”
Having an agent to negotiate on your behalf, who knows the local market, is especially important. Agents who do a decent amount of business in the same market usually get to know one another, forming productive professional relationships, said Vivas. As a result, they’re able to better negotiate with one another.
“When I bring them a buyer, they know that the buyer is pre-qualified, they’re ready to go – willing and able – and we’re not wasting their time,” Vivas explained, speaking of relators he’s worked with. Having the right agent can make all the difference when trying to get your dream home, especially in such a competitive market.
And Kershaw couldn’t agree more. Two years on, he’s still happy with the house he purchased, especially the backyard garden, which was one of the criteria on his top 10 list. When asked what advice he’d give to perspective buyers, he said: “Do [your]research. Get as much information as you can and them connect with people like Lou…Lou’s been in the business for over a decade, so it definitely helps having somebody local to guide you through the process.”
Lou Vivas
Realtor
lou@vivathelife.com
VivaTheLife.com
