‘I still don’t believe it’: Va. man shares tips on buying his first home
Buying a home for the first time in this unpredictable D.C. area market can be challenging, but the uncertainty of the market could present an opportunity for first-time homebuyers.
The layoffs, spawned by cuts by the Department of Government Efficiency, along with high interest rates, have decreased the number of buyers on the market, resulting in properties staying on the market longer than usual.
Meanwhile, consumer confidence is falling and some are concerned about a weakening economy and personal finances.
That’s a lot for buyers and sellers to think about.
But these conditions can be beneficial for buyers, according to Yony Kifle, founder and CEO of Your DMV Team Realty. They have more leverage because they aren’t competing with as many buyers and are able to submit offers with prices and terms more advantageous to them.
“It is now more possible than it has been in the past six to seven years to get closing costs covered, do home inspections and even ask for a reduction in price,” Kifle told WTOP. “If you are a homebuyer who feels their job is stable and safe and are able to handle the higher monthly payments, then this could be a great time to purchase.”
Amanuel Gebre purchased his first home in September 2024 in Alexandria, Virginia, before those things came into play. But he said he thinks some of the lessons he learned in the process are timeless.
Gebre said he had been thinking about buying a home after renting for a couple years.
His cousin had worked with Kifle to find her first home, and recommended Gebre do the same.
“I told him, ‘hey, I’m in the market. What are my options right now?'” said Gebre, a product designer for Tysons-based software company Cvent. “He broke everything down for me and started showing me some homes shortly after.”
The home-buying process
During the home-buying process, Gebre, whose family immigrated from Ethiopia, told Kifle that he was looking for a place that was in a walkable neighborhood, a shopping plaza, access from a Metro station and close to his family.
He was able to find a two-bedroom apartment in Alexandria that fit his preferences.
Because of the help he received from Kifle, Gebre said the home-buying process wasn’t challenging for him. But the most daunting part was the commitment he made to paying off his home for 30 years.
“I told him exactly what I was looking for and he found it. And I almost had to do like, little to no work besides give him my information,” Gebre said. “I had to double check the home … and talk things over with my dad and other kind of mentors and family members, make sure I was making the right decision.”
Tip 1: Don’t spend all your money on buying the house
Gebre bought his home during a buyer’s market when the supply of homes exceeded the demand. He was reassured that he could rent out his place if he lost his job.
One other benefit: his brother is living with him, which gives additional reassurance as they could cover each other in case of issues.
“(He) told me that don’t spend all your money, of course, after you buy the home, because you need some cushioning if something were to happen,” Gebre said.
Tip 2: Importance of early planning for first-time homebuyers
Kifle, who immigrated from Ethiopia when he was a kid, founded Your DMV Team Realty over a decade ago. Many of his clients in the D.C. area are fellow Ethiopian Americans, like Gebre.
Kifle said that it’s important for those planning to buy a home to start planning early and consult with professionals to get a concrete plan of action.
“Sitting down with a professional like myself and our team, and even with the lenders and who we can put you in touch with, we’re really kind of taking the guessing work out of things,” Kifle said. “If somebody came to us a year in advance, and we have a conversation and they’re financially in perfect shape and all that, then they know all they have to do is just kind of stay the course.”
Tip 3: Take a first-time homebuyer class
Kifle recommended taking first-time homebuyer classes that Your DMV Team Realty offers, which break down the step-by-step process of buying your first home and how to apply for a loan.
These classes also feature D.C. area programs that provide homebuyers with payment assistance or loans such as Virginia Housing, D.C. Open Doors and the Maryland Mortgage Program.
“They come to us, they talk,” Kifle said. “We give the information that’s needed. We can connect them to the lender that particularly is going to be specific to what their needs are, and then they get preapproved and then restart the process of basically finding them a home.”
Gebre agrees in taking advantage of free real estate classes offered by agents to understand home rates, negotiation tactics, home maintenance and market conditions.
“Get some background knowledge about what’s inside of a home,” such as heating and plumbing, Gebre said. “All these problems that you would usually call apartment maintenance for, those are going to be under your responsibility.”
The feeling of being a first-time homebuyer
Helping people like Gebre buy their homes gives Kifle great satisfaction and he called it a “rewarding process.”
“We are encompassed, like we become best friends for like sometimes months because we’re talking every single day, so like, there’s a relationship that builds,” Kifle said. “In our business, that’s what we always say, once you’re part of Your DMV Team family, you’re in it.”
Gebre still finds it hard to believe he’s a homeowner, but is cautious about the future.
“I still don’t believe it, like I didn’t even feel like telling anybody besides my family … it was really scary, honestly,” he said. “But I think after six months from, looking back at it, I think started making it feel like home, hanging up pictures and stuff, I’d still say, like, on the back of my mind, I am worried about, like, you know what next four years are going to be like.”