Your Guide to Buying a Home in Upper Northwest DC, Bethesda & Chevy Chase

Start with a mortgage pre-approval so you know your budget and can make a strong offer. Sellers in these neighborhoods expect to see a pre-approval letter with any offer. From there, we narrow down neighborhoods, review what is on the market, and build a search around your timeline and priorities.

The search is the part that varies. Once your offer is accepted, closing typically takes 30 to 45 days. In neighborhoods like Spring Valley and Wesley Heights, well-priced homes can go under contract within days of listing, so it pays to have your financing in place before the right house appears.

For a conventional loan, the minimum is generally 620, though most lenders prefer 700 or higher for the best rates. Jumbo loans, which are common at Upper Northwest DC and Bethesda price points, typically call for 720 or above. Requirements vary by lender, so it is worth talking with one early.

It isn't required, but it is strongly recommended. Good homes move quickly here and contracts are detailed. A local buyer's agent advises you on price and offer strategy, negotiates on your behalf, and guides you through inspection, appraisal, and closing. Before you tour homes together, you and your agent sign a written buyer agreement that spells out the services and how compensation is handled.

Spring Valley, Wesley Heights, Forest Hills, American University Park, Chevy Chase, and Cleveland Park see steady buyer demand and limited inventory, and well-priced single-family homes there often draw multiple offers. The same is true of much of Bethesda and Chevy Chase, MD.

Plan on roughly 2 to 4 percent of the purchase price. In DC, the buyer pays the deed recordation tax, which is one of the largest items at closing. Title insurance, lender fees, and prepaid taxes and insurance make up most of the rest.

A Montgomery County purchase carries three taxes: the recordation tax, the county transfer tax, and the state transfer tax. The buyer and seller split each of the three 50/50. Title insurance, lender fees, and prepaid taxes and insurance make up the rest of your closing costs.