Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.
Thankful for all our wonderful clients who joined us for “Breakfast With Santa” this past weekend! We had a wonderful time, and it was great spending the morning with everyone. More pictures to follow!
With the interest rate in the news, I wanted to provide some perspective on what that might mean if you are considering buying a home. The Fed declined to raise the rate, but is projected to make a slight bump in December. While rates probably wont skyrocket soon, any increase does affect your buying power when it comes to house shopping. We would never advise you to buy a house based on fear or market pressure. The decision to buy should be made considering many factors, including your lifestyle, desires, and general readiness, in addition to financial considerations. To look at the financial picture, a rent versus buy calculator, like my favorite from the New York Times, can help you get a better sense of whether or not it makes sense for you.
If you are already considering buying a home, the projected bump in interest rates, and the estimated additional 5.4% increase in housing prices over the next year, may be reasons to consider looking in earnest now, versus waiting until next spring or summer. As an example, below is a snapshot at the average housing price for a first time home buyer in our area. If you are looking at homes priced higher, the difference will be even more pronounced.
Did you know we provide FREE educational seminars on home buying and selling to offices, alumni associations, community groups, and others. Attendees love these! If you know a group who might benefit, let us know, we’d love to set something up.
The City of Falls Church offers closing cost and down payment assistance of up to 20% of the purchase price of a house (less than $450,000) for first time homebuyers. The assistance is a second interest-free loan, with repayment due at the sale or refinance of the home, or if the buyer rents the home out (it is no longer the buyer’s primary residence). One caveat: the City wants an interest in any appreciation in the property for the use of the money. If they loan you 20% of the purchase price of the home and it appreciates, when you sell the home, they want 20% of the new sale price.
Requirements to qualify:
Ask us for more information about how this program stacks up to others on offer in the area, or a recommendation on getting started in your search or working with a lender.
If you have 1% cash and can otherwise qualify for a FHA loan, you may be able to get a second loan for the amount of your down payment from VHDA Plus Loans program. The income and sales price limit on this VHDA funded, FHA insured second mortgage are slightly more generous than some other first time homebuyer programs. You can qualify if your household of 2 makes less than $122k a year and you are looking to buy a place that is under $500k. There are other qualifications, including having good credits (above 620) and taking a buyer education course, but this program can help bridge the cash gap to get your into your new home. Let us recommend a great lender who can help get you pre-qualified.
If you are looking in Arlington and haven’t yet saved up the money for a down payment or closing costs, Arlington County has a program that may help. Arlington’s MIPAP program offers a deferred 0% interest rate loan to first-time homebuyers to help cover a down payment or closing costs of up to 25% of the purchase price. You make no monthly payments on the subordinate loan from the County until you sell or refinance. The County does get a shared interest in any potential appreciation of the property down the road when you go to sell or refinance. At the sale, you split any appreciation, up to 25% (determined by an appraisal), proportionally with the county in addition to paying off the original loan. If the property hasn’t appreciated, you simply repay the original loan, interest free.
If you are interested in learning more about this or other programs available to homebuyers, please do reach out. We are happy to help you understand your options and find the right place for you.
Do you love the idea of DC metro living, but your wallet disagrees? Or want to live in some of the top areas in DC, but don’t want to rent anymore?
The brand new Manhattan inspired “Micro Condos”, Adam’s Morgan might be your answer. This new development: Moda 17 is fresh change to the condo market, for younger buyers who want the city life style, and convenience, without the heft price tag! These units range from 350-680 square feet, but offer streamline construction and design to help maximize the space. These units are also more affordable than other units in the area, ranging from $249K for studios, up to $549K for two bedroom units.
The units are designed with space saving features like pocket doors, built in storage and shelving, frost glass and even build in beds to help maximize every foot. The builder also designed many units without hallways to create a more open and efficient layout.
Other highlights of Moda 17 include:
-Roof top Terrace with City Views
-Low condo fees ($191-383/mo)
-Private Storage Space
These units are in an unbeatable location, across the street from Harris Teeter and just steps to a number of restaurants, retail and night life in Adams Morgan, Logan Circle, Dupont Circle And U St/14th St corridor. The areas also has a 93 walk score!
For renters in the area, this more affordable option versus paying higher rent prices!
Moda 17 is located at 2424 17th St. NW, Washington.
Contact us today, if you are interested in learning more about these micro units, and buying in DC! Most of our team is licensed in DC, VA and MD!