First Time Buyer- Primary Residence

[Nick Thomas]

Long time away from this forum, but real estate is back in my life. I am now looking to purchase my first home instead of continuing to rent. Due to living in the expensive Northern Virginia area house hacking isn’t an option. We have found a few Loudoun County townhome/condos that look like they’re in our price range. My fiancé is a little gun shy due to the coronavirus (her family thinks the housing market will dip) and also that the prices are higher than they’ve ever been (I think they’re going to keep growing). Just wanted to come here to get some opinions from you guys.

1. Is it a bad time to buy?

2. If asking the seller to cover closing cost, does that mean we can’t try a lower purchase price?

I’ll post the property in question if it is necessary to get the advice.

Stay healthy everyone!

[Joe Norman]

1. Is it a bad time to buy?

Personally I do not think so, and I'm putting my money where my mouth is as I'm currently under contract to sell my home and buy a new one.  Just take all the extra precautions when you're out seeing homes with your Realtor (e.g., wear a mask, sanitize your hands regularly, stay 6 ft apart and never be in the same room, etc.).

Regarding the housing market taking a dive, that will depend heavily on how the economy recovers from this pandemic.  It will also depend heavily on locality, and in the DC market I don't think you have much to worry about.

2. If asking the seller to cover closing cost, does that mean we can’t try a lower purchase price?

Of course not! Everything is negotiable and asking for closing cost help is very common in the first-time buyer market, at least in the Baltimore metro area.  Shoot me a PM if you'd like me to refer you to a great Realtor in your market!