Your buying budget should begin with your finances, not a townwide price. Let's establish a comfortable spending boundary before deciding which homes deserve your attention.
The latest market report covers Arlington single-family homes, condominiums, townhouses and apartments. The typical sale price was $702,500 for the homes that sold. The typical asking price among homes listed for sale was $600,000. These asking prices and sale prices describe listed and sold groups, rather than a discount on the same homes.
Neither price sets the amount you should borrow or establishes the value of a home you might buy. I suggest separating your comfortable monthly housing expense from the maximum purchase price a lender might approve. That distinction helps you evaluate a suitable home without letting its asking price determine your financial boundaries.
Ask your lender to explain estimated monthly payments and the money needed at closing for your proposed purchase. List your must-have features separately from preferences you could change, so your search reflects both priorities and cost. Review recent sales of similar homes with me before deciding whether a particular asking price fits your plan.
