The Scoop on DC Living
January 2017
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BRETT WEST

TOP PRODUCER
DC, Maryland, Virginia

 


New Year Brings New Mortgaging Changes

First and foremost, HAPPY NEW YEAR! My sincerest hope is that the year ahead brings you health, happiness and prosperity unmatched by previous years.


Secondly, with the New Year, there are new changes affecting the way buyers financing their home. Ace loan officer,  Alex Jaffe  with First Home Mortgage, shares the following information worthy of note if you plan to buy in 2017:

1) The conforming loan limit is now $424,100 (minimum 3% down) and the jumbo conforming limit is $636,150 (minimum 5% down).

So therefore the maximum sales prices with these minimum down payments are approximately $437k and $669k.

2) For buyers in DC, the transfer tax in DC for first time buyers will be reduced to .725%.  This will likely go into effect after March. There'll be an approximate income cap of $190k to be eligible for this reduction.  The exact details are still being ironed out.

3) Expect processing time frames to speed up for some buyers.  Thanks to Fannie Mae's technology improvements, integrated verification of income and assets is coming for applicants who work for participating employers and have assets with participating banks.

What does all this mean? Well, as we watch mortgage interest rates increase, along with property values, it means limits are being pushed to allow cheaper money options and fewer expenditures associated with buying - especially for first time buyers.

Also, where the introduction of TRID mortgage financing guidelines in 2015 increased the minimum settlement time frame to 45 days (after transactions had been reaching settlement in as little as 10-14 days), the required amount of time between contract ratification and settlement is being relaxed. This will equip buyers with a renewed sense of nimbleness - and is also welcome news for sellers.

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

- Brett
News & Trends

WASHINGTON BUSINESS JOURNAL
A look ahead: What we're most excited about in 2017
There will be a new occupant in the White House in 2017. But that's not the only change coming to Washington next year ...including ground breaking on the long-awaited redevelopment of the Walter Reed Medical Center with 3.1 million square feet of mixed use on 66 acres

WASHINGTON POST
D.C.'s Brightwood neighborhood undergoes a renewal
On a chilly but clear and bright December morning in the Northwest Washington neighborhood of Brightwood, people waited at bus stops on Georgia Avenue; Sandra Serrano and Joan Johnson walked their dogs, Romeo and Blu; and Leo Contreras hosted customers at his shop, Wapa Cafe Boutique.

INMAN NEWS
Special Report: 2017 real estate industry outlook
2017 will be all about being nimble, responding quickly to market changes and keeping your clients informed.


#UrbanCastles on the Market

As of January 3, 2017, the Washington Metro Area boasts more than 19,014 housing units active on the market, 1,034 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 92 active listings:

 

$0 to $450k

(24 total units available)


 

$450k to $700k

(49 units available)


 

$700k to $950k

(12 units available)


 

$950k+

(9 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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