How Big is Washington Housing Problem? Bigger Than You Think

May 13, 2010

There were some contradictory messages in local real estate news this past week.  Citing a study by Private Mortgage Insurance (PMI), The Washington Examiner noted that the Washington area has a 77% chance of price declines in the next year. This may surprise anyone who has competed in multiple offers in some of the city’s [...]

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Tax Credits Still Available

May 13, 2010

While the deadline to take advantage of the $8,000 tax credit has passed for most people, there is still a $5,000 federal tax credit availble to those who buy in DC and members of the military have an additional year to use the $8,000 tax credit.
For those who are qualified service members, you have an [...]

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Protect Your Condo Value: 3 Things You Should Know

April 30, 2010

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Did you know that new financing restrictions and regulations are impacting the pool of who may buy in specific buildings?  If you want to protect values in your condominium, there are several things your association can do so that it doesn’t inadvertantly create a situation where buyers cannot get financing to purchase in the [...]

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Will Echo Boom Lead Another Housing Boom?

April 1, 2010

Last issue, we noted that banks are holding onto more than 3 million foreclosed homes that they have not yet put on the market with millions more facing foreclosure.  With such a large supply of housing–particularly in several states–we raised the question of how these might be absorbed.
Enter the Echo Boom.
If you thought Baby Boomers [...]

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DC is 6th Most Expensive Rental Market in U.S.

April 1, 2010

The Washington area is the 6th most expensive rental market in the country, with San Francisco being the most expensive according to the Center for Housing Policy.  Their study notes the average two bedroom in SF rents for $1760 a month, while in Washington, it is $1494.
Astute readers will note that these averages sound more [...]

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DC-Area Home Prices Strongest in Nation

April 1, 2010

The Washington Examiner is reporting that home prices in the Washington area have fared better than anywhere in the country over the past 10 years.
Local home prices are 78 percent above their January 2000 levels, according to the latest S&P Case-Shiller Home Price Index. Los Angeles and New York were ranked second and third, respectively. [...]

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Market Update: Georgetown

March 31, 2010

Average prices of sold homes in Georgetown fell 16% from 2008 to 2009.  While the average sales price in 2008 was north of $1.6M, it didn’t quite reach $1.4M in 2008.  That said, buyers negotiated less than 1% off the final list prices, so seller’s ultimately were pricing appropriately for the homes that sold.
The condo/coop [...]

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Shadow Market: What do foreclosures mean for DC market?

March 19, 2010

Several of our readers have asked if the market is really as good as we’ve been reporting.  Multiple offers, inventory shortage—-what about all the foreclosures I’m reading about and all these bank-owned properties that have yet to come on the market?
Very good question.  And the Washington Post raised it in a front page story last [...]

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Market Update: Logan Circle

March 19, 2010

Studio  and two bedroom condos remained stable from 2008 to 2009 in Logan, while the average sales price of one bedroom condos dropped 10% year over year.  However, the market negotiated less than 1% off the list price across the board.
Single family houses in Logan sold for 9% less than 2008, with the average sales [...]

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Washington Examiner: “Home prices jump as tax credit deadline approaches”

March 17, 2010

The Washington Examiner looks at the effects of the tax credit as multiple offers increase and new construction inventory declines.
“Multiple offers have been back for months in certain neighborhoods and [for certain] price points when a well-staged and properly priced property comes on the market,” said Tony Hain, a Long & Foster Realtor in Washington. [...]

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