DC CLOUT "DC Area Real Estate Buzz"

Brookland/Catholic U 1 Bedroom 1 Bath Condo OPEN SUNDAY 3/13/2011 1PM – 4PM $121,000

 
Brookland/Catholic U 1 Bedroom 1 Bath Condo OPEN SUNDAY 3/13/2011 1PM – 4PM $121,000
Open Sunday 1- 4pm 3000 7th St #124 NE DC – Brookland/Catholic U 1 Bedroom 1 Bath Condo

A VIRTUAL STEAL IN BROOKLAND! This lovely 1 Bedroom 1 Bath spacious condo completely renovated in Brookland Corner unit with plenty of western sun. Convenient to Catholic University, Trinity College and the The Washington Hospital Center. This is a 670 sf home. .. Also a short walk to Brookland Metro Station. Plus Parking…  Note: Closing help available. SEE ENTIRE LISTING HERE

Amenities: New Oak Cabinets, Stainless Steel Appliances, wood floor, Granite Counters, Shades/Blinds, Washer/Dryer Hookup, Wood Floors, Secure Building
Appliances: Dishwasher, Disposal, Microwave, Oven/Range-Gas, Refrigerator, Exhaust Fan

Asking: $121,000                     Condo Fee: $468   Fee Includes:  Air Conditioning, Electricity, Gas, Heat, Lawn Maintenance, Management, Master Ins

Virtual tour

Want to view the property, Today? Want more info on this or similar properties. Contact DC’s Condo Guy at dccondoguy@live.com or 301/452-2278     dccondoguy.com

Should I Buy a Washington DC Home, Now?

If you purchase a home today and finance a $500,000 mortgage with a 30 year, fixed loan a 5.75%, the principal and interest payment would be about $2,917,86 per month.

If you wait to purchase, interest rates will most likely rise above today’s historically low rates. For example, under the same $500,000 mortgage referenced above with and interest rate of 7.25%, the principal and interest payment would rise to about $3,410.88 per month.

The difference between these two loans is $493.02 per month. Over the life of the loan, you would be paying an extra $177,486 in interest on the same mortgage amount.

Using the same above example, what would happen if the home market softened to the extent that you could purchase the same home and only need to finance $450,000 at 7.25%? The principle and interest payment would be $3,069,79 – a monthly payment still higher than if you purchased a more expensive home at today’s low rates or $54,695 more over the life of the loan.

Tax Savings

With the $500,000, 5.75% loan above, the interest paid on average over the life of the loan is $18,327 per year. If you are in a 35% tax bracket, your Federal tax savings from interest would be 6,415 per year. If your state?DC tax bracket is 10% that would be a n additional savings of $1,832 per year for a total tax savings of $8,247 per year or $687 per month.

Equity Build-Up

In the unlikely event that the house you finance for $500,000 today does not appreciate over the next 30 years, you would still obtain a significant amount of equity build-up with each mortgage payment. On average over the life of a $500,00, 30 year fully amortized loan, the equity build-up equates to $16,666 per year or $1,389 per month.

With the combined total from tax saving of $687 plus the equity build-up of $1,389 per month, you are losing approximately $2,076 per month by doing nothing.

Contact Al at dcrealtor@live.com  call 301/452-2278  so we can get you started NOW!

NEXT: Washington DC First-Time Home Buyers Seminar Wednesday March 2nd, 2011

 This is a FREE one hour seminar with unbiased information. We will discuss the entire home buying process A-Z, with advice from an experienced Realtor....

 Register Now!

Act now and beat the rush. Act now before the competition and let your offer be the only one considered. Act now before the best properties are gone. Don't wait for all the buyer waiting to begin their home search in March.

  DC Housing Purchase Assistance Program,  have established a New Program - DC first-time homebuyers depending on income and household size can receive up to $70,000 in purchase assistance plus an  additional $7,000 toward closing to buy a DC home. The home must to be a foreclosed property and  be in depressed neighborhoods. Learn more at Seminar.

Down Payment As Low As $500

Register Now! 7pm Wednesday March 2, 2011

Prudential Carruthers Realtors Building

4050 Chesapeake St NW

Washington DC 20016

Convenient to: Tenleytown/AU Metro Station

Can't make the Seminar, no problem. We can meet over coffee at your favorite/neighborhood coffee house or at your neighborhood library...  dcrealtor@live.com 301/452-2278  Al

This is a FREE one hour seminar with unbiased information. We will discuss the whole home buying process A-Z, with advice from an experienced Realtor....

Mortgage basic: rates, points fees Fees and closing costs.. The Tax Benefits of home ownership. Making an offer.

Learn how you can get up to $70,000/$40.000 towards the purchase of a new home.

Learn how you can get up to $7,000/$4,000 in closing assistance. 

 

 

 

 

 

These seminars a presented by DC realtor  Al Matlock

Register Now!

As Little as $500 Down – Buy a Washington DC Home

With the assistance of  HPAP (Washington DC’s Housing Purchase Assistance Program) First-Time Home Buyers  could move into your Washington DC home for as little as $500 Down.

Depending on income and family size DC residents can also get up to $70,000*/$40,000 in purchase assistance to purchase a Washington DC home.

There also up to $7,000*/$4,000 available for closing assistance.

Get more information on this program at a First-Time Home Buyers Seminar 7pm Wednesday March 02, 2011 at Prudential Carruthers Realtors Building, 4050 Chesapeake St NW Washington DC 20016 – Convenient to the Tenleytown/AU Metro Station. 

This is a FREE one hour seminar. We will discuss the entire home buying process from A-Z.

*Home must be a foreclosure and in a distress neighborhood.

For more information or to register contact me at dcrealtor@live.com  or 301/452-2278   website: www.411wdc.com

Washington DC Real Estate Market - Dollar volume up 17% YTD, - down 22% from December

In the first month of 2011, city homes sales dollar volume rose 17% compared to January 2010. Volume in January was down 22% compared to December.

According to figures generated by the MRIS, the regional MLS, YTD sales of DC homes through January 2011 are:

* Up over 17% in total dollar volume, to $179 million

* Up over 9% in total units sold, to 382

* Up over 7% in average sold price, to $476.023

* Up over 11% in median sold price, to $379,500

* Up down over 4% in total market time, to 82 days

Comparing January sales to December:

* Homes sold were down 11%, from 433 to 382

* Dollar volume down 22%, from $230 million to $179 million

* Median sales price down 6%, from $407,500 to $379,500

* Average market time was up 6%, from 77 to 82 days

This Weekend Interest Rates

February 18th, 2011
CONFORMING - 30 YR FIXED (UP TO $417,000)
FULLY AMORTIZED - PITI	5.000%		0PTS
4.750%		1PT
HB CONF - 30 YR FIXED ($417,001 TO COUNTY LIMIT)
FULLY AMORTIZED - PITI	5.125%		0PTS
4.875%		1PT
FHA - 30 YR FIXED…REGULAR & HIGH BALANCE!
REGULAR FHA - Up to $417K or County Limit
30 YEAR FIXED	4.750%		0PTS
4.500%		2PTS
REGULAR FHA - 5/1 ARM - Up to $417K or County Limit
1/1/5 CAPS - GREAT PROGRAM!	4.250%		0PTS
3.750%		1PT
HIGH BALANCE FHA - $417,001 TO COUNTY LIMIT
4.750%		0PTS
4.500%		2PTS
VA LOANS 100% Vary by County
REGULAR VA - (LOANS UNDER $417K INCLUDING FUNDING FEE!)
4.750%		0PTS
4.500%		2PTS
HIGH BALANCE VA - ($417,001 - COUNTY LIMIT)
4.750%		0PTS
4.500%		2PTS
HOMEPATH, FANNIE MAE FORECLOSURE LOAN, ONLY FANNIE REO
No Mortgage Ins. with 3% down and 680 Credit Score	5.375%		2PTS
USDA - GURANTEED RURAL HOUSING - ZIP CODE RESTRICTIONS
Income restrictions apply - 100% Financing	5.000%		0PTS
CALL TODAY 866-PCR-MORT
Rates and terms are subject to change without notice. This is not to be construed as an advertisement to offer credit as defined by section
226.2(d) of regulation Z. This information is for the sole use of real estate professionals and is not intended for public use. Rebate may not be
offered in such cases where the seller is paying all closing costs. **CHECK COUNTY FOR

Washington DC December Foreclosure Rate By Zip Code

zip code	foreclosure amount
20011	11
20019	10
20002	6
20020	6
20003	3
20001	3
20024	2
20032	2
20018	2
20009	2
20012	1
20036	1
20010	1
20017	1
20007	1

Washington DC January 2011 Homes Sold Average Prices Up 7%

Washington DC  Home Sales Statistics are in for January   2011. Here's a brief snippet- more details coming.....  The 1st numbers are for 2011/2nd number for 2010/3rd change percentage 

Average. sold price $476,023  -  $441,743  (7.76%)
Total Units Sold - 382 -  349  (9.46%)
Of that  382, 141   were condos/coop
Average sold price Condos -  $390,743 - $411,137  (-4.96%) 

Avg. Days on Market  82  - 86 (-4.65%)

Courtesy of  Al Matlock   contact Al at dcrealtor@live.com  or 301/452-2278

Longfellow Flats Condominium 1352 Longfellow St NW Washington DC

Longfellow Flats  Condominium consists of 14 newly renovated condominium homes in the 16th Street Heights neighborhood.  This location in upper northwest give easy access to Columbia Height and  downtown DC via 14th and Silver Spring just north of the districts border, but probably the greatest benefit from the Longfellow Flats location is the quick access to Rock Creek Park.     [...]  read article »

If you considering buying a condo or loft in metro DC, use the form to email DC’s Condo Guy  your criteria and he’ll do the rest…

If you’ve already got a complex in mind and need more info before taking that final step, He can help….  Contact DC’s Condo Guy  Today….301/452-2278    dccondoguy@live.com

Washington DC Condo Market Update

Over the past six months between July 1 and December 31 sales of Washington DC Condos  and lofts sells fell almost 30 percent when compared with the same six month period in 2009. According to data gathered from the MLS, a total of 1156 condos and lofts were sold during this six month period in 2010, down from the 1642 units sold for the same period last year.

Over this same six month period between July 1 and December 31 the sold prices for Washington DC condos and lofts increased by almost 10 percent.

Price increases while the number of units sold decreases is really not new.  I think the rise in prices has more to do with the mix of condos sold than buyers willing to pay more for comparable condos compared to a year earlier.

Although it not apparent by the raw numbers, but put in proper context the numbers spell a rosy pictures for Washington DC condo buyer.

$8000 keep that number in mind.

Remember the $8000 buyers tax credit.

Let’s take a look at November 2009. In November 2009 299 condos were sold.  By comparison November 2010 183 condos were sold and 137 in November 2008. The  figures for 2010 were tremendously boosted by the First Time Home Buyers Federal  Tax Credit . The credit was initially scheduled to expire the last day of November 2009 before it was extended.
Back then there was a mad dash for the finish line, by buyers, lenders, title companies and realtors. Similar numbers can be seen leading up to June 30 the deadline for contracts to close so buyers qualify for the credit.

Post Credit environment.

While the 8000 tax credit was a windfall for buyers the disappearance of the tax credit has also proved to be beneficial to buyers. The immediate impact of the credit expiration is obvious by the sharp decrease in the number of Washington DC condo sold over the past six months. There are once again fewer buyers vying for a large supply of condos.

So even though there in no credit for today’s buyers the saving they reap because of less competition, the large supply and the desperate developers, banks, sellers, and real estate agents all equal a windfall for buyers..

DC's Condo Guy (Al Matlock)  www.dccondoguy.com  dccondoguy@live.com   401/452-2278