The Scoop on DC Living
August 2016
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BRETT WEST

TOP PRODUCER
DC, Maryland, Virginia

 


Why Historic Low Mortgage Interest Rates Should Interest You

Each week, I am briefed by a small cadre of mortgage lenders on the ins and outs of loan products available to consumers. They are all currently singing the same tune: mortgage interest rates are lower than they've ever been.
 
The perks of this are obvious to those wishing to buy a home now.

For those who thought buying a home is not in the cards, perhaps it's time to rethink that and spend less monthly that is being spent on rent?

For those who already own, perhaps this is a magnificent time to refinance your mortgage. Why? Spending less on your mortgage next month than you do this month may be a good reason. Of course, perhaps consolidating consumer debt taken on by home improvements may make good sense, too.

How good is today's rate?

I've been shocked at the settlement table to see clients buying homes with rates under 4 percent (often in the mid 3s). When I bought my first home in 2000, I was thrilled that we were able to lock in a rate of 8.5 percent.

And speaking more from my personal experience, I conducted a refi earlier this year to pay down some home improvement costs. And I'm currently in the midst of a second one to take advantage of the rate now that my credit scores have improved significantly in the wake of paying off remodeling costs. When completed, my mortgage will be approximately $400 less per month than it was a year ago.

In fact, in the past month, I've helped a handful of households to determine whether now is a good time to refinance or not (and it is) ...and to help guide the appraiser for each appraisal to ensure accuracy.

So, if you have any questions about refinancing, I'm a happy and willing participant in helping you find a world-class lender and title company capable of bringing it all together. And I'm equally happy to create a home value analysis which most accurately assesses the appropriate market value of your home.

At the very least, a conversation and further knowledge about your mortgage options can never hurt. 

If information is power, my mission is to help create the most powerful consumers of real estate on the market!

- Brett
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News & Trends

WASHINGTON POST
Home sales fell, Inventory Tightened in D.C. Area Last Month
Demand for homes in the D.C. region waned in July, perhaps the first sign that buyers are becoming frustrated with the lack of inventory on the market.  Or it could be this is the typical slowdown that occurs ahead of a presidential election as buyers wait to see what a change in administration will bring.

WASHINGTON BUSINESS JOURNAL
Massive Eckington Yards Project Earns Zoning Approval
The D.C. Zoning Commission on Monday unanimously approved a massive new development planned for Eckington, but not before curtailing the project's level of affordability.
CURBEDDC
D.C. Ranks Fifth in America's Top 20 Apartment Boom Towns of 2016
This year, 18,027 new apartments are expected to deliver in Washington, D.C. According to RENTCafé's latest report, the District ranks as the fifth U.S. Metro with the most apartments projected to deliver in 2016.

#UrbanCastles on the Market

As of August 11, 2016, the Washington Metro Area boasts more than 27,624 housing units active on the market, 1,198 of which are located in DC, itself. This excludes FSBOs (For Sale By Owner) and pocket listings. Here's a look at inventory by price range throughout the hot 20011 DC zip code, which includes 16th Street Heights, Brightwood, Crestwood, Petworth and the northern reaches of Columbia Heights, where there are currently 119 active listings:

 

$0 to $350k

(19 total units available)


 

$350k to $500k

(19 units available)


 

$500k to $800k

(65 units available)


 

$800k+

(17 units available)

 

Not finding exactly what you're looking for in the selection of inventory in DC? Feel free to check out plenty of inventory throughout the DC Metro Area, or drop me a line to schedule a time to talk with you about your goals.

www.BrettWest.com

202.744.0576 

BWest@McEnearney.com 

 



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