Historically Low Interest Rates

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Historically Low Interest Rates

Interest rates are historically low, so it's no surprise that mortgages are more affordable now compared to 20-30 years ago. My parents bought their Bowie home in 1983 with a 17% interest rate!

A new Zillow report just found that DC area renters spend $8,313 more annually on housing than they did historically. Renters in the DC area pay 26.1 percent of their monthly income towards rent, 8.5 percent more than they would have spent in 1985-2000. Conversely, the new report concludes that U.S. homeowners pay $3,300 less in mortgage costs annually than they did in 1985-2000. Check out the study and #StopRenting #StartOwning

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5 Secret Sources of Down Payment Money

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5 Secret Sources of Down Payment Money

There's no doubt that the biggest hurdle to owning a home is the down payment. However, many "should-be" homeowners are still renting because they simply aren't aware of their options. With the average rent in DC hoovering above $2,200 per month, DC renters are shelling out more than $26,000 a year...and walking away at lease-end with nothing. You're investing in your landlord, not yourself. It's time to stop renting and start owning! You don't need a 20% down payment and a perfect credit score to buy a home these days. Here are five secret sources of down payment money that can make home ownership a reality. Click here

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First-Time Homebuyer Reduced Recordation Tax

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First-Time Homebuyer Reduced Recordation Tax

The First-Time Homebuyer Reduced Recordation Tax officially goes into effect on October 1, 2017. It significantly reduces the recordation tax for qualified DC homebuyers, from 1.45% to 0.725%. This will save those looking to plant their roots in the District thousands of dollars at the time of purchase.


Qualifications

  • The buyers must either be DC residents or intend to become DC residents with the prospective purchase.
  • The buyers must not earn more than 180% of the Area Median Income (AMI).
  • The home must not have a purchase price exceeding $625,000, adjusted annually for inflation.
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DC's TOPA Law Debate

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DC's TOPA Law Debate

DC's TOPA law has done a lot of good when it comes to helping families stay in their homes. However, the law has also been abused over the years, making it harder and harder for homeowners to sell their property...at least without paying a hefty fee to tenants that refuse to leave. The city council recently held a hearing to discuss possible changes to the TOPA law. Check out this recap of the day's events...

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