With historically low interest rates and increasing property values in the area, now may be the time to consider refinancing your home. Before you call your lender, check out the 10 most common mistakes made by homeowners during the process.
1925 Summit Pl NE, a 3-Bed/3.5-Bath with three levels, sold for $625k in four days.
This Northeast, DC community, surrounded by NoMa, Brentwood, Edgewood, and Bloomingdale neighborhoods, is still one of the District's more affordable neighborhoods. However, that affordability is being challenged - with the Rhode Island Avenue Metro to it's northeastern tip and the NoMa Metro to it's south, home prices continue to rise in Eckington. If it's proximity to downtown isn't enticing enough, the neighborhood also appears on the "House of Cards" opening credit sequence. Let's take a look at the Eckington real estate market over the years.
Average Sale Price
In 2010 the average home sold for under $400k in Eckington, but home prices have continuously grown over the years. Today, you can expect to pay nearly $600k for the same home. However, the neighborhood is still affordable in comparison to the more popular NoMa and Bloomingdale.
Median Days on the Market
The District of Columbia has been suffering from an inventory shortage for quite some time, and Eckington is no different. Five years ago, the median home sat on the market for about 2.5 months. However, that quickly changed in 2011, and homes have continued to sell quicker and quicker. If you're a buyer, expect to compete with other buyers for the most desirable homes. If you're a seller, price and market your home appropriately to obtain top dollar.
After reading this tragic story about a Colorado mom who rented a home on Craigslist, I thought I'd share some tips to avoid finding yourself in a similar situation. The mother of two teenagers had been "off-and-on homeless for over three years". She found a four bedroom house on Craigslist that seemed too good to be true...and it was. The family met with the Landlord, signed the lease, handed over a $1800 cash security deposit, and then received their keys.
However, when they began moving into their new place, the police arrived soon afterwards to investigate a break-in. The so-called Landlord was not the Owner (or a representative of the Owner), but instead was a con artist who had tried to sell the abandoned house once before. The Colorado mom lost her $1800 security deposit, her previous apartment, and was left without a place to call home.
HOW TO AVOID
Know Who is Who
When meeting with a potential Landlord, or a representative of the Landlord, you need to know who is who. If you're meeting with the Owner, don't be afraid to ask for ID to verify they are who they say they are. If you're meeting with an agent to see a place, the agent must disclose which side he/she represents. Some agents represent the Landlord, some may be representing you, and sometimes they could be representing you and the Landlord (this is called dual agency)!
Do Not Sign a Lease w/o Doing Your Homework
In this case, the tenant failed to do her homework and jumped on the deal too quickly. When something in real estate seems too good to be true, it always is. Before signing a lease, you should take some time to review it, and even have an attorney take a look to ensure there are no unfair terms. Whenever I assist a tenant-client find a new place, we always pull the property's tax records, as well as it's history on the Multiple Listing Service.
Do Not Pay Security Deposit w/ Cash
Paying cash for a security deposit is not a good idea, as you'll have no record of the transaction. If you must pay cash, be sure to get a signed receipt from the Landlord. Remember, never pay a security deposit until you've done your homework on the Landlord.
Make Sure Your Landlord is Licensed
In the DC Metro area, many jurisdictions require landlords to obtain licenses from their county/city prior to renting to a landlord. In DC, Landlords must have a business license, and all units must be inspected by the city. If the rental was built prior to 1978, most locals require the unit pass a lead paint inspection prior to renting. You should ask your Landlord for a copy of the required certifications prior to your move-in date. This will also help you determine the good from the bad when it comes to Landlords.
9647 Whiteacre Road #B3, Columbia, MD 21045
More photos and info
Completely renovated 2BD/1.5BA + Den condo with eucalyptus hardwood floors, granite counters, gas stove, stainless steel appliances, and parking included. Just a 2 minute walk to grocery, shops, restaurants, etc. Everything is brand new!
As you walk into this newly renovated condo, you cannot help but admire the gorgeous (and sustainable) eucalyptus hardwood floors that were installed just a few weeks ago. Head into the spacious living and dining room combo, and you will find plenty of space for that sectional sofa that’s just “oh so comfortable”, as well as room for a large dining room table to host your next dinner party.
If you have secret aspirations to be the next “Top Chef”, do not worry. This condo comes with brand new appliances, including a gas stove and over-the-range microwave.
Looking for a place to relax? Head into the glass-enclosed den, where you will enjoy the tree-line view from three large windows.
The 953 Sq. Ft. unit also has two large bedrooms, including an en suite master bedroom with a jack and jill layout for added privacy.
Columbia, MD ranks at the top of the list if you are looking for things to do nearby. Join the Columbia Association, and you will have access to three fitness centers, three tennis clubs, four indoor pools, the DogPark, an Ice Rink, two golf courses, and more.
The Mall in Columbia is just a 5 minute drive away, and don’t forget to stop by Whole Foods on the way back. Don’t feel like driving? No problem! Walk to Giant and Walgreens, or grab a bite at the nearby pizza spot.
Contact me for more information or to schedule a showing.
As we all know, Everyone Loves Logan, and for good reason. Endless restaurants...great shopping...and some of the District's most charming homes. It's also in the heart of the city, and convenient to everywhere. So let's take a look at the numbers to see what's going on with the Logan Circle real estate market.
Row Houses
The average sale price of a row house in Logan Circle was just under $1,000,000 five years ago. Now, that number has more than doubled, with the average home selling for $2,366,667 in the first quarter of 2015. Overall, the mean and median sale prices have been comparable, which indicates a more stable market.
Price/Sq. Ft. can be a great way to analyze the value of a home. In Logan Circle, we saw a bit of up-and-down from 2011-12, but since then, the average has steadily increased. For the first part of the year it averaged around $755/Sq Ft, compared with the low $400s/Sq Ft in early 2011. This means folks are paying more and more to live in the neighborhood, and it's been that way for a few years now.
One Bedroom Condos
One bedroom condos in Logan circle are selling for about $435,000 these days, whereas you could have landed a new pad in the mid $300s five years ago. New construction in 2011-12 took the average one bedroom sale price well into the $500s, but prices have steadied in the mid $400s since then. Also, keep in mind that these sale prices do not include condo fees, which can vary greatly from building to building.
The average price per square foot has hovered between $600-700 per Sq Ft. In Q2 of this year, the average one bedroom condo sold for about $650 per Sq Ft, which means a 700 Sq/Ft condo will run about $455,0o0 + condo fees. The market saw a strong jump in 2011-2012, and it's steadily increased since then.