No doubt you’re excited about what the next four years holds for both our country as well as your own relocation.
1) Decide whether to rent or buy. If you’re looking for rental resources, check out my web page here. But I’d seriously considering buying if your expected time frame for living here is four years or more. Prices are lower than they’ve been in years, interest rates are low, and opportunities abound. Washington, DC, and Arlington were just named two of the top ten places to live in a recession, and the recent bailout is expected to be a boon to our local economy. This area is often pegged to be one of the first to “recover” and prices are expected to rise in the next two years.
If you’re thinking of buying in the District and meet certain income requirements, you’ll be entitled to a $5000 tax credit! This might also be a good opportunity for you to take advantage of the $7500 tax “credit” (really a loan) recently passed as well.
2) Carefully consider your commute time in choosing where to live. Most transferees to our area are shocked by the commute time—it can easily be 30 minutes to go just 3 or 4 miles, so don’t just look at a map and decide “it’s not that far.” This area’s congestion is among the worst in the nation. Our public transportation system is very good though; our subway system (known as Metro) is fantastic, though very expensive to live near. And don’t forget VRE and MARC trains. If you’re willing to commute by rail, you can get a lot more for your housing dollar. Commute times also vary widely based on whether you choose to live in the District proper,
3) Get ready for sticker shock. Despite the national downturn in housing, prices in the
Looking for more info on area schools, government, crime stats, or cultural events? Check out my web page here. There’s an amazing array of activities and events in this area. I send out a list every month as part of my monthly real estate newsletter. (You can sign up on the right hand side of my blog here.)
If you need help with your relocation, please contact me to discuss the local market and your needs. Put my local knowledge, experience, and consultative background to work for you. I’m licensed in Virginia, Maryland and the District of Columbia, and I’d be happy to help you with your real estate needs!