The Scoop on DC Living
December 2016
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BRETT WEST

TOP PRODUCER
DC, Maryland, Virginia

 


DC Renews Progressive Programs for First Time Buyers

When the late great John McEnearney opened our offices in 1980 to mortgage interest rates hovering around 18%, and newspaper headlines read "Real Estate Is Dead," he didn't buy into the madness and panic. To the contrary, McEnearney stood firm on the following mantra: "It is personal circumstance - not an interest rate or outside factor - that will shape the real estate market."

 
He cited that personal circumstance - be it a new job or marriage or children or relocation - will shape the decision-making of each consumer. And the same thing rings true today.

So when I meet with prospective homebuyers I recommend exploring with a qualified lender a multitude of options available, beyond interest rates, to assure they are getting their foot in the door with a loan program that makes most sense.

For starters, many want to learn their financing limits simply to see what they can afford. However, it might be wiser to aim more directly at what the buyer wants to afford - including down payment, cost of settlement and comprehensive monthly mortgage payment (principle, interest, tax, insurance and condo or HOA fee if applicable). Knowing what one wants to afford usually results in greater success without panicking over financial overextension.

And as affordability continues to be a challenge in the DC Metro Area, DC's Mayor Bowser announced this week some enhancements to mortgage loan programs for those looking to buy in DC. Check it out! It may be helpful in reaching your home buying goals.

Information brings options. Options help you decide what makes best sense for your bottom line!

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

- Brett
News & Trends

INMAN NEWS
Will 2017 be a buyer's market or a seller's market?
In some years and some markets, the answer is obvious - in 2016, Denver was a seller's market, and San Francisco's been one for quite a stretch.
PRINCE OF PETWORTH
How hard is it to evict a tenant that is not paying rent?
A problematic tenant can be every DC property owner's greatest nightmare.

McENEARNEY.COM
Is there an inventory problem?
With the number of fully available homes on the market near record lows for this time of year and with fewer new listings coming on the market, is there any relief in sight for buyers who are frustrated by their lack of choices?
#UrbanCastles on the Market

As of December 13, 2016, the Washington Metro Area boasts more than 21,721 housing units active on the market, 1,298 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 109 active listings:

 

$0 to $350k

(19 total units available)


 

$350k to $500k

(22 units available)


 

$500k to $800k

(58 units available)


 

$800k+

(10 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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