Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.
Conventional wisdom dictates that is better to buy than rent. However, in many of the nation’s most expensive markets, like DC, the decision to buy is increasingly more difficult. The metro’s renters are conflicted, on one hand their monthly rent is more than $2,200, yet DC home prices are rising yearly making it ever more challenging to enter the market.
In May, it was 31 percent cheaper to buy than rent nationally, according to Trulia, and It is still cheaper to buy than rent in DC today. With the Federal Reserve threatening another interest rate hike in December, now is the time to buy a home in the DC metro.
Here are six areas in the area where renters can save substantial money by choosing to purchase a home in Washington, DC or Northern Virginia.
Adams Morgan, Washington, DC
It is 22 percent cheaper to buy than rent in this multicultural neighborhood with a diverse restaurant scene for the average foodie. The median sales price for Adams Morgan DC real estate is $560,000 and the median rent is $2,875. Renting costs average $2,745 per month while buying costs average $2,154 per month. Choosing to buy in Adams Morgan would save a renter close to $600 per month.
Mount Pleasant, Washington, DC
Located north of downtown, Mount Pleasant is a short metro ride from the heart of the District. Its nearness to shopping and Rock Creek Park make it one of the District’s most desirable neighborhood. This may account for its lofty median rent of $4,650 per month. Renter’s in this neighborhood should become owners. Despite the median home sale price of $890,000, it is 24 percent cheaper to buy a home in Mount Pleasant. Renters could save $12,000 annually by choosing to own.
Columbia Heights, Washington DC
Just east of Mount Pleasant, Columbia Heights is another one of the District’s more sought-out neighborhoods. Its median rent is $3,625 while the median sales price of homes is $625,000. It is currently, 28 percent cheaper to buy than rent in this District neighborhood. In seven years, a renter could potentially save $60,000 by investing in Columbia Heights real estate now.
Arlington with its many office buildings, is popular with both young adults and families seeking a shorter commute. Those living in Arlington VA spend $3,056 per month renting whereas homeowners only spend $2,265 per month. Making it 26 percent cheaper to buy than rent. Renters could save over $66,000 in a seven-year period by choosing to invest in Arlington real estate.
Falls Church, VA
Falls Church, just west of Arlington, offers a great suburban experience. It is 21 percent cheaper to buy than rent in this Northern Virginia community. The median sales price of a home in Falls Church $540,000. Renters spend $2,650 per month while homeowners spend $2,081 per month.
The choice to buy instead of rent is a slightly tougher choice for residents of McLean, VA. Buying offers a 10 percent advantage to would-be homeowners. In McLean, the cost of rent is $3,296 per month while buying costs are $3,653 per month. The savings per month is $357. After seven years, McLean rents could amass close to a $30,000 nest egg.
The numbers tell a compelling story. DC renters should be encouraged to jump on the home-buying bandwagon. With impending interest rate hikes, the time to start a home search is now. Call us today so you can find a home here and reap the benefits.
Methodology: Rent vs. Buy pricing assumes a 20 percent down payment, a 30-year fixed loan, a 4.35% interest rate, an income tax rate of 25%, and ownership for 7 years.
Katie Bassett is a freelance blogger who covers a wide array of topics within the real estate industry as well as the overall lifestyle for millennials.
WORLD CLASS LUXURY!
12118 Kinsley Place Reston, VA 20190
Stunning 3 bedroom, 2.5 bath townhouse in West Market!
The home features the Paris model layout, with 1731 sq ft of living space on 4 levels.
Impeccable details throughout with gleaming hardwoods on 3 levels, crown molding. and quality craftsmanship.
Entry level with marble flooring opens to a library/sitting room with 1/2 bath, closet, and separate entrance. (Could be used as 3rd bedroom)
Open and inviting living and dining area on upper level with custom crown molding and built-in speakers.
Upgraded kitchen with corian counters, island with sink, newer stainless appliances, ample cabinet space and recessed lighting.
Serene master suite with two closets and ensuite master bath.
The luxurious master bathroom has separate tub/shower, double vanity, and ceramic tile flooring.
Second master suite with walk-in closet and ensuite bathroom.
Laundry area located in the hallway between bedrooms.
Inviting loft on upper level with brick accent wall, second fireplace, entertainment built-ins, wet bar, beverage fridge, and access to the deck.
Breathtaking views of Reston Town Center from the 4th level rooftop terrace.
Other upgrades include security and sprinkler systems, new HVAC installed in 2016, washer and dryer installed in 2015. Surround sound and speakers on 3 floors. Built in tv and stereo system conveys!
Decking on roof has also been updated with commercial grade materials.
The entry level offers dual entry to the home, complete with one car garage and lush landscaping in the front and back.
West Market community amenities include a clubhouse, exercise room, jogging/walking paths, and swimming pool. Low HOA fees!
This home is centrally located. and only two blocks to Reston Town Centre with a plethora of restaurants and retail.
Commuter’s dream, with quick access to Fairfax County Parkway. Dulles Toll Road, and Silver Line metro.
This home is impeccably maintained and move in ready!
Homes in West Market have sold from $700K-$929K, pending on size and updates. Homes similar to 12118 Kinsley have sold for $720K-$770K. Larger homes with more than 1700sq ft, with a 2 car garage have sold for $800K and above. Our home is listed at $749K.
Email email@example.com for a private showing or more information.
Stunning Bethesda townhouse with 3 bedrooms, 2.55 bathrooms and 2310 sq ft of living space.
Open and inviting living/dining area with gleaming hardwood floors, updated light fixtures, wood burning fireplace and modern paint. French doors from living room lead to the relaxing deck backing to trees.
Gourmet kitchen with maple cabinets, environmentally friendly Silestone countertops, stainless steel appliances, and 48″ modern checkerboard tile. Half bathroom on the main level.
Three bedrooms and two bathrooms located on the upper level.
Enviable master suite with custom carpet, two large closets complete with organizers & soft close drawers.
Renovated master bathroom with dual showers in quartz tile, rare double sink vanity, and custom European white wall tile and porcelain hardwood tile flooring.
Two other bedrooms with updated flooring and modern paint. Hall bathroom with shower/tub combo and neutral vanity & flooring.
Spacious recreation/family room features a full bar, 2nd fireplace with high-efficiency wood burning stove insert, and movie theater (projector conveys!) Walk out from basement to brick patio and landscaped yard.
Finished utility space with washer/dryer and built-in storage.
Other updates include HVAC- 6 months old, Hot water heater 1-year-old, washer & dryer 6 months old.
Impeccably maintained, and one of the larger models in the neighborhood!
Highly ranked schools: Ashburton Elementary, North Bethesda Middle & Walter Johnson High School.
Ideal location: minutes parks, shops & restaurants with quick access to 270 and 495.
Stratton Commons is a small community tucked away in a quiet Bethesda neighborhood. There are mostly single-family homes and a small section of townhouses near Stratton park. Prices of townhouse range, depending on the size and upgrades. Other homes this year have sold for $549K-$577K, and were smaller with less upgrades in the kitchen and bathrooms.
We listed 6722 Surreywood for $599K, had over 15 scheduled showings, and 23 groups through the Open House. We received 3 offers with very competitive terms.
If you would like to know how to get top dollar for your home, please contact us for a free consultation and market analysis.
Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.
Stunning craftsman style BCN home with impeccable finishes that is just one block from the Clarendon metro! This home features 4 bedrooms (w/5th bedroom option), 4.5 bathrooms with over 4500 square feet of living space.
Enter along the stone walkway onto the wide, relaxing front porch and into gleaming hardwood floors, wide hallways, and 9+ ft ceilings with custom trim and mill-work.
Off the front door is an office/study with a large bay window overlooking county green space and a formal dining room with crown molding. A half bathroom is conveniently located off the foyer. The midpoint of the house offers a tiled landing and beadboard trim coat/shoe area with access to the driveway.
To the rear of the house, you will find an inviting, large and open-concept gourmet kitchen that boasts sleek granite counters, tall custom cabinetry with soft-close features and premium stainless appliances including a 6-burner gas Wolf range/oven and tall Thermador refrigerator/freezer.
Under-cabinet lighting throughout makes for easy preparation and an elegant look. A large pantry with Elfa shelving and a granite butler counter and cabinet area makes storage and access easy. Beyond the large eat-in kitchen island is a well-apportioned breakfast area.
The generous living room area includes a regal stone mantle fireplace and the adjacent built-in wet bar includes beverage refrigerator, custom cabinetry and fully equipped multi-media access including built-in ceiling surround-sound speakers. From there wander to the serene extended rear porch, featuring built-in speakers and dual ceiling fans, to overlook a desirable flat backyard that is perfect for entertaining!
The second level features 9+ft ceilings, hardwood floors, three bedrooms, and three full bathrooms. An enviable master suite features two spacious walk-in closets with Elfa shelving. The second walk-in closet w/legal egress can easily be converted to 5th bedroom, nursery or office. The luxurious master bathroom is exquisite with double sinks, steam shower & bench, relaxing soaking tub and private toilet area.
Also on the second level, enjoy two comfortable bedrooms with hardwood floors and large illuminated closets. Each bedroom has two walls of windows for a bright and open floor plan. One bedroom offers a private full bath.
Note the bedroom level laundry with front loading washer and dryer, granite counter, sink and plenty of cabinets for storage including built-in ironing board for easy folding and ironing.
The third level offers a cozy loft-style area with privacy doors, large windows, built-in bench and plush carpet that would be perfect for an additional bedroom, library or home office!
The expansive lower level has an open recreation/media area, fourth bedroom and full bathroom with tiled floor and shower, granite vanity top and cabinetry. It also features a custom exercise area with a treadmill and workout equipment that can convey.
Outside, enjoy a professionally manicured landscaping including a garden area, with rear fence and privacy trees, a double pad driveway and spacious detached garage with a workbench that provides ample parking and storage.
The home has been pre-wired with speakers, cable and internet, with access room in lower level bedroom. 4 flat screen TVs and media components thoughtfully located throughout the house can convey.
This home is turnkey!
Highly ranked schools: Taylor/Key, Swanson and Washington Lee
Two blocks to Clarendon Metro (Orange and Silver lines)
Convenient to Trader Joes, Lyon Hall, and Northside Social.
Minutes to Clarendon Market Shopping with Whole Foods, Pottery Barn, Crate and Barrel, Apple and more!
Quick access to Pentagon, Downtown DC and DCA Airport
This home is located in desirable Lyon Village, just two blocks away from Clarendon. The neighborhood is made up mostly of single-family homes, most smaller bungalow style, with newer craftsman style homes being built throughout the community. The neighborhood features quiet treelined streets with sidewalks, a landscaped park, community center, as well as multi-family apartment buildings and commercial buildings on the outskirts of the historic area. Many of the original bungalow homes have a detached garage or shed. Price of homes in this community differ greatly compared to other neighborhoods in Arlington. Smaller, original homes have sold for $750K+, and expansive 4000 sq ft new, craftsman homes have sold for $2.4M and above. We priced our listing at $1,949,900 given its size, updates, and proximity to restaurants, retail and the metro in Clarendon.
Email Katie@wethmangroup.com for more information or to set up a showing.