Why are these condo fees so high?
March 7, 2011 by Katie Wethman · Leave a Comment
I’m often told by buyers “I won’t look at anything with high condo fees.” Often this can be a mistake. We need to look at what condo fees cover, and why some buildings may be higher (or lower) than others. What’s included in condo fees varies—sometimes widely—from building to building. First you need to be [...]
Cheaper to Buy Than Rent in DC Area
February 28, 2011 by Katie Wethman · Leave a Comment
According to Trulia’s first quarter 2011 index, it is officially cheaper to buy than rent in the DC area, along with 72 other large US cities. With rent averaging $2500-3000, and an average purchase price of $400-500k, the price to rent ratio is hovering around 14. According to Inman News: “A price-to-rent ratio of 1 [...]
Proposed Changes All Point to Higher Interest Rates to Come
February 14, 2011 by Katie Wethman · Leave a Comment
The DC area mortgage market is about to get hit with a double whammy. Last week, the Administration proposed lowering the “jumbo” loan limit from $729,750 in our area (one of the highest cost housing markets in the country) to $625,500. Technically, the $729k limit was ‘temporary’ but it had been extended several times and [...]
Do I Need a Buyer’s Agent?
January 10, 2011 by Katie Wethman · Leave a Comment
The Washington Post had a great article about how to figure out who represents you in a real estate transaction. The article appropriately warns of the danger of dual agency: “This arrangement may also be called “dual representation.” Both buyer and seller are represented by the same agent. Both parties must sign a form, prepared [...]
More Tips For Finding a Good Investment Property
January 3, 2011 by Katie Wethman · Leave a Comment
I’ve previously written about how to identify target neighborhoods for buying an investment property. Once you’ve done that, how do you find the actual property? Short Sales & Foreclosures are a great opportunity because you can be patient. (See my post on the challenges of timing a foreclosure transaction here and the frustrations of shorts [...]
How do I calculate my expenses on an investment property?
December 27, 2010 by Katie Wethman · Leave a Comment
In our continuing series about buying an investment property, we turn our attention to the expenses. In our current market, it’s relatively easy to find properties where the rent covers the mortgage payment, but what else should investors take into account? Obviously, condo or HOA fees are a big ticket item. Don’t forget these! Property [...]
DC $5000 First Time Home Buyer Credit Retroactively Approved for 2010 Purchases
December 21, 2010 by Katie Wethman · Leave a Comment
Buried in Friday’s signed, sealed, and delivered Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was a provision retroactively approving the $5,000 tax credit for first-time home buyers in DC for 2010, and extending it through 2011 as well. Home buyers will remember that the credit, last approved as part of the [...]
What is Title Insurance & Why Do I Need It?
December 13, 2010 by Katie Wethman · Leave a Comment
The Washington Post recently had a helpful article on why Title Insurance is helpful for protecting your investment. In short, Fundamentally, title insurance is intended to protect the insured from risks associated with defects in the ownership of the property. These defects can result in total losses such as in the case of a defective [...]
Now Open For Registration: Buying an Investment Property Seminar
December 9, 2010 by Katie Wethman · Leave a Comment
Are you thinking about adding a rental property to your investment portfolio? Wondering how to go about identifying an appropriate property and estimating cash flow? Not sure what typical expenses are for an investment property? Then attend this free informational seminar that will cover: – Identifying opportunities in the current real estate market – Finding [...]
Why I May Not Be Able To Represent You – Why You Should Never Call the Person on the Sign
December 7, 2010 by Katie Wethman · Leave a Comment
When someone calls me to tell me they want help writing an offer and they already know what property they want, my heart sinks. Seems counter-intuitive, right? I had to turn down two qualified buyer clients not long ago. I really wanted to work with them, and they each really wanted to work with me. [...]
