DC CLOUT "DC Area Real Estate Buzz"

10 Ways to Prepare for Homeownership

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

courtesy DC/MD Real Estate Agent Al Matlock

Five Biggest Real Estate Myths

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HPAP has received new funds, but...

HPAP has new funding. The program is back online, but assistances levels have been reduced almost  dramatically nearly 43%.  For new funding info and chart click here

or you contact Al at dcrealtor@live.com  / 301/452-2278

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Washington DC Downtown Condos Available Today

Downtown Condos Active Listings (Penn Quarter, Mt Vernon Square, Gallery Place, Chinatown, East End) (1/16/09)                 click address for property info Capitol Hill Condos, Logan Circle Condos, Columbia Heights Condos

Property Address Price Bedrooms Baths 811 4th St NW #107 $392,900 1 1 811 4th St NW #106 $412,900 1 1 811 4th St NW #1201 $408,900 1 1 811 4th St NW #203 $470,900 2 2 811 4th St NW #817 $629,900 2 2 811 4th St NW #420 $488,900 2 2 811 4th St NW #511 $790,900 2 2 555 Mass Ave NW #907 $369,990 1 1 301 Mass Ave NW 1203 $799,000 2 2 912 F St NW #707 $899,000 2 2.5 777 7th St NW #730 $395,000 1 1 301 Mass Ave NW #303 $589,900 2 2 301 Mass Ave NW #1103 $699,900 2 2 915 E St NW #809 $479,000 2 1 912 F St NW #1104 $610,000 1 1 400 Mass Ave NW #220 $429,900 1 1 912 F St NW #406 $449,900 1 1 631 D St NW #835 $399,900 1 1 555 Mass Ave NW #1216 $390,000 1 1 777 7th St NW #913 $579,000 2 2 777 7th St NW #1120 $1,200,000 2 2.5 915 E St NW #401 $389,000 1 1 616 E St NW #647 $595,000 2 2.5 777 7th St NW #318 $404,900 1 1 801 Penn Ave NW #1121 $787,900 1 1 701 Penn Ave NW #1026 $878,900 1 2 701 Penn Ave NW #PH15 $799,000 2 2 631 D St NW #239 $729,900 2 2.5 616 E St NW #511 $649,900 2 2 555 Mass Ave NW #314 $279,900 0 1 801 Penn Ave NW #PH20 $795,000 1 1 601 Penn Ave NW #712 $1,100,000 2 3 912 F St NW #206 $1,150,000 3 2.5 915 E St NW #1112 $350,500 1 1 801 Penn Ave NW #1118 $995,000 1 2 912 F St NW #507 $749,000 2 2.5 301 Mass Ave NW #1202 $1,225,000 2 2 555 Mass Ave NW #407 $359,000 1 1 400 Mass Ave NW #523 $406,900 1 1 631 D St NW #331 $449,900 1 1 555 Mass Ave NW #1201 #375,900 1 1 616 E St NW #1008 $315,000 0 1 631 D St NW #645 $575,000 2 2.5 601 Penn Ave NW #1207 $749,000 2 2 631 D St NW #932 $399,759 1 1 777 7th St NW #817 $334,900 1 1 631 D St NW #1037 $399,900 1 1 912 F St NW #207 $884,900 2 2.5 555 Mass Ave NW #515 $419,000 1 1 915 E St NW #1014 $399,500 1 1 715 6th St NW #205 $499,000 2 2 715 6th St NW #1003 $549,900 2 2 301 Mass Ave NW #103 $449,000 2 1.5 616 E St NW #256 $875,000 3 2.5

data source MRIS

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Resolve to Get Your Home Documents Organized

As a homeowner, you begin to accumulate all sorts of records and papers the moment you made the offer on your home. Loan documents, inspection reports, title insurance policy, home improvement receipts, appliance warranties are just a few of documents that you may at one time or another need. Would you be readily able to locate these items? Are they filed away or in different junk drawers around the house? Knowing where these items are can save you a lot of time and even money in the long run.

Consider investing in a record-keeping system. It doesn’t have to be expensive. You can purchase an accordion file and label each flap with a different category. Then use the following tips as a guide to get started.

Contracts and Legal Papers
Keep all the papers signed and/or given to you at the closing together in one place, preferably in a safe deposit box. These documents include the deed, settlement statement, appraisal, disclosures, mortgage note, inspections and any other reports, and title insurance policy.  You will need these records again if you decide to refinance or sell your home.

Insurance Policies
Keep a copy of all insurance policies relating to your property together. This may include homeowners, flood and earthquake policies. With these documents, keep a list of insurance agents or companies and copies of correspondence related to claims.

Purchase and House Data
It’s also a good idea to keep a copy of the original listing of your house, comparable market analysis, floor plans, blueprints, and historical information. If you own a newly built home, keep a list of contractors and material suppliers as well.

Property Taxes
Keep your tax bills and record of payment for as long as you own the home and possibly even longer. You may need these items if your tax returns are ever audited.

Home Maintenance and Improvements
Records in this category include receipts for repairs or replacement expenses, names of contractors, contracts, and a log of maintenance tasks.

Warranties, Manuals and Receipts
These documents provide you with a proof of purchase date and determine service and parts guaranteed. In addition, the manuals usually provide care information so you can help ensure your household appliances are being properly maintained. You should keep your warranties, manuals and receipts for these items for as long as you own the appliances.

Home Inventory
If you were ever to lose any of your possessions due to fire, burglary, or vandalism, having a home inventory can help you avoid a lot of heartache and make it easier when filing an insurance claim.

Start with a sheet a paper for each room in the house. Go around the room and list every item. Don’t forget the attic, basement or other storage places. For each item, write the original cost, purchase date, replacement cost, model number, brand name, where purchased, and a general description. You can also use a computer software system so that you have an electronic copy.

Besides a written inventory, take photos or video of each room for visual documentation. It is also a good idea to arrange valuable collections, silver, jewelry, etc. and take close up photos. 

Keep a copy in your home files and the originals in a fireproof safe or safe deposit box. Make sure you update your home inventory photos and list at least once a year.

Organizing your home files may take a considerable amount of time initially, but it will definitely be time well spent in the event you need the documents later on.

courtesy Al Matlock Washington DC Real Estate Consultant

Washington DC's Average Condo Prices for the past 5 Years

2004:  Average Condo  Price $364,460                  Medium Condo Sold  $325,000

2005:  Average Condo  Price $425,576                 Medium Condo  Price $375,000

2006: Average Condo  Price $406,501                    Medium Condo  Price $354,000

2007: Average Condo  Price $405,271                    Medium Condo  Price $350,000

2008: Average Condo  Price $411,663                  Medium Condo  Price $360,000

source gcaar

courtesy of DC's Condo Guy

Washington DC Ranked #2 Among Top Places To Go in 09

Washington DC ranked number two  among The New York Time's Top Places to go in 2009. The top spot went to Beirut. Spots three and four went Gala'pagos and Berlin, respectively and Las Vegas comes in at number five...   entire list

 

Washington DC Condo Sales for December 2008 by price

December  2008

Price Range Units Sold   Under $100,000 4   $100,000 - $199,999 31   $200,000 - $299,999 49   $300,000 - $399,999 40   $400,000 - $499,999 39   $500,000 - $599,999 16   $600,000 - $699,999 8   $700,000 - $799,999 0   $800,000 - $899,999 1   $900,000 - $999,999 2   $1,000,000 - $2,499,999 2   $2,500,000 - $4,999,999 0   Totals 192 CourtesyDC Condo Guy