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manuel Gebre, a first-time homebuyer, signed the deal for his first home on September 10, 2024. The unpredictable D.C. area market can be challenging, but it may also present an opportunity for buyers. With fewer buyers and properties staying on the market longer, consumers have more leverage.

    According to Yony Kifle, founder of Your DMV Team Realty, this market condition allows buyers to submit offers with better prices and terms. "It is now possible to get closing costs covered, do home inspections, and even ask for a price reduction," Kifle said. If you're a buyer who feels secure in your job and can handle higher monthly payments, this could be a great time to purchase.

    Gebre purchased his first home before the current market conditions took effect. However, he believes that some of the lessons he learned during the process are timeless. Gebre's cousin recommended him to Kifle, who helped him find a two-bedroom apartment in Alexandria that fit his preferences.

    The most daunting part of the process for Gebre was committing to paying off his home for 30 years. He advises first-time buyers not to spend all their money on buying the house and to plan ahead. "Don't spend all your money, because you need some cushioning if something were to happen," Gebre said.

    Kifle recommends that first-time homebuyers start planning early and consult with professionals to get a concrete plan of action. He also suggests taking first-time homebuyer classes that break down the step-by-step process of buying a home and how to apply for a loan.

    Gebre agrees that having some background knowledge about homes, such as heating and plumbing systems, is essential for new homeowners. Helping people like Gebre buy their homes gives Kifle great satisfaction, and he calls it a "rewarding process."