DC CLOUT "DC Area Real Estate Buzz"

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!

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 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

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!

BARCELONA BOUND! 2 Bedroom 2 Bath nearly new Columbia Heights Condo with Den OPEN SUNDAY 1/23/2011 1PM - 4PM:

POSTPONED Open Sunday 1/30/2011  1435 Chapin St NW #309 Washington DC 20009  from 1pm - 4pm  and you're Barcelona Bound in this Columbia Heights Treat.  A 2 Bedroom, 2 Bath  nearly new condo with Den. Convenience is the word. A short stroll to the metro, shopping, dining, pubs, nightlife, Target, gyms, Giant and the U Street Corridor.

 Great space, lots of light, open kitchen with Silestone & stainless, multiple closets, HWF, wall-2-wall, neutral decor, well-maintained. Pets allowed and coveted parking spacein wide, well-lit alley. Why go to Spain when you can get this maravilloso condo in The Barcelona right here in DC?!

More: Drapery Rods, Drapes/Curtains, Shades/Blinds, Silestone Counters, Wall-to-wall Carpeting, Walk-in Closet(s), Wood Floors
Appliances: Dishwasher, Disposal, Ice maker, Microwave, Oven/Range-Gas, Refrigerator, Washer/Dryer Stacked.

Offered at:$480,000 

 

Click here for 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

N STREET TREAT! OPEN SATURDAY 1/22/2011 1PM - 4PM: Lovely 1 Bedroom 1 Bath Logan Circle Condo

Open Saturday 1/22/2011 1205 N St #B NW Washington DC 20005 from 1pm - 4pm a Treat on N street. A one bedroom, one bath condo in one of the most sought after neighbors in town. Convenient to everything, metro, shopping, dining, nightlife, Whole Foods, Dupont Circle, the U Street Corridor and city's  business and federal districts.

Now the home: Terrace level unit with good light, its own entrance & enclosed patio, open floor plan, granite counters, cherry cabinets, mosaic glass tile, crown, chair rail & panel moulding, wood-burning Fireplace, built-in cabinets & a huge laundry with storage area. 

Not Done yet:   Built-in Bookcases, Chair Railing, Crown Molding, Entry Level Bedroom, Fireplace  Mantels, Fireplace Screen, Granite Counters, Shades/Blinds, Washer/Dryer Hookup, Wood Floors
Appliances: Dishwasher, Disposal, Dryer, Ice maker, Microwave, Oven/Range-Gas, Refrigerator, Washer, Washer/Dryer Stacked

Offered at: $379,900

 

Click here for 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

 

Buy A Washington DC Foreclosure - Avoid Foreclosure

Over the past year, sales of foreclosed Washington DC properties have made up about 1/3  of the total monthly sales of Washington DC homes and condos…  The are some 'dogs' here but there are also some amazing deals..

For a list of Washington Foreclosed Property click here

For Help and Info to Avoid Foreclosure  click here

HPAP News $77,000 in assistance available to purchase foreclosures

*For Next Seminar Date and Location Click Here. DC's Condo Guy has learned from a very reliable source that HPAP, DC Housing Purchase Assistance Program,  have established a New Program now - 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. The home must to be a foreclosed property and  be in depressed neighborhoods. 

 How it works:  A lender pledges to lend you $250,000 to purchase a home.  If you take advantage of this program  and receive maximum assistance you can afford to purchase a home up to $320,000 - only certain neighborhoods qualify, the property must be a foreclosure and you must quailfy for HPAP…. 

If you’d  like to learn more about these resent HPAP developments as well as the entire home buying process, I am holding a first time home buyers seminar on Saturday January 15th 2011 10am  in my office’s conference center at 4050 Chesapeake St NW Washington DC. Previously these seminar were held at DC Public Library’s, something they will no longer allow.  To register for the seminar contact me  at or  Click Here more info dccondoguy@live.com  

DHCD Announces New Home Purchase Rehabilitation Pilot Program

The new pilot program will be a tremendous asset to many HPAP buyers. Homes in need of repair no matter how limited had to be scratched of a prospective HPAP buyers list, because they would not receive approval  from HPAP.  That appears to have changed. I will be there Thursday when DHCD presents the new programs to us realtors – with explanations. (Home Purchase Rehabilitation Pilot Program Details)

The announcement from DHCD:

October 1, 2010

The Department of Housing and Community Development (DHCD) today announced the implementation of the Home Purchase Rehabilitation Pilot Program, which will allow first-time homebuyers using the Department’s suite of Home Purchase Assistance Programs to purchase homes that require limited repairs to address health, safety and building code violations.

This program enables the use of the Federal Housing Administration’s (FHA) 203(k) Streamlined Rehabilitation Program as a first trust lending product in conjunction with the Home Purchase Assistance Program (HPAP) or other DHCD purchase assistance second trust loans.  Applicants will receive a combined purchase money loan for acquisition and repairs from the first trust lender.  The HPAP or other DHCD program loans will continue to be a second trust loan for downpayment and closing cost assistance.  The applicant must meet all DHCD eligibility requirements.

The minimum rehabilitation loan for the FHA 203(k) streamline is $5,000 and the maximum is $35,000.  The repairs must be completed within six (6) months of the loan closing date when a Home Quality Inspection (HQI) is due. 

Limited repairs, such as the repair or replacement of roofs, gutters and downspouts; repair, replacement or upgrade of existing HVAC, plumbing or electrical systems; and the purchase and installation of appliances, are permitted under the program.  The applicant must select a FHA 203(k) lender, a general contractor, and a FHA 203(k) consultant to conduct scopes of work write ups and periodic inspections of the rehabilitation work prior to funding draws.

 

For more about the HPAP contact me @ dcrealtor@live.com