What You Get For $900k in DC

As the Spring season approaches, and buyers and sellers begin to enter the market, let's take a look at what you can get for $900,000 in the DC area.

Crestwood Colonial

This 4-bedroom, 3-bathroom Colonial in Northwest, DC's Crestwood neighborhood sold for $869,000 in eight days. 

Mt. Pleasant with Modern Finishes

This Mt. Pleasant rowhouse with 3-bedrooms, 2.5-bathrooms sold for $949,555 in just seven days.

Eckington's House of Cards

This two-unit 4-bedroom, 4.5-bathroom semi-detached home in Northeast DC's Eckington neighborhood sold for $950,000 in 23 days. Eckington is famous for its role in the opening credits of House of Cards.

Logan Circle By the Numbers

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1705 13th St, NW #2 - Offered at $900,000

After listing a home in Logan Circle, I thought I'd take a closer look at the Northwest neighborhood's real estate market over the years. If you're considering purchasing a new home in Logan, you'll be entering a strong Seller's market, so be sure to work with a knowledgeable agent to save you time, money and stress. If you aren't sure whether now is the time to sell your home, chances are your property has increased in value, which could position you well in the current market.

Median Sale Price

This chart breaks down the median sale price of homes by the number of bedrooms. One bedroom in 2011 went for $320k, but now you can expect to pay closer to $435k. You'll see a similar pattern with two bedroom units, where the median was $589k five years ago and today it's $685k. Three bedrooms units have shown a bit more volatility over the years, but that's largely explained by the limited amount of homes (thus limited sample size) that have sold over the years.

Asking Price vs. Sold Price

This chart shows us that sellers are getting close to what they are asking for, and many buyers are paying above asking price. As a buyer, there are few "steals" to be found in Logan Circle, but be sure to work with an agent who can make sure you don't overpay for a home. As a Seller, the Three Principles of Home Selling still apply...Price the home competitively, make the home easily Accessible to potential buyers, and hire an agent with a proven record of effectively Marketing your home.

Number of Days on the Market

As the old saying goes, "Never tell someone something when you can show them." Well, this chart further supports the strength of the Logan Circle market. Homes are not only selling close to (and above) asking price, but they are also selling in less than two weeks (and oftentimes less than a week). Buyers, do not find the home of your dreams and then hire an agent to write an offer. Instead, work with an agent early in house hunting process, as you'll be better prepared to make an offer on that perfect pad. 

OPEN HOUSE Sat/Sun 1-3pm - Logan Circle Condo

Offered at $900,000, this 2 bedroom, 2.5 bath CONDO with GARAGE PARKING makes up the top two levels of a charming Victorian rowhouse! It truly lives like a house! Open layout, washer/dryer, private deck, 11' ceilings, granite and stainless kitchen, hardwood floors throughout, beautiful bay window, skylights, recessed lighting, gas fireplace, ceiling speakers, powder room on the main level, two master suites, huge walk-in closet, jacuzzi tub, central air, and low condo fees. Pets OK. Walk to Metro, Whole Foods, shops, restaurants and cafes.

 

With Rising Interest Rates, Is Now the Time to Buy or Sell?

As reported by Kimberly Palmer in the Washingtonian magazine (January 2016, Home Economics), interest rates have been historically low since the “great recession", allowing homebuyers to lock in 30-year mortgages at rates of less than 4 percent. But those days may be coming to an end, as many experts expect rates to rise slowly over the next few years. The Mortgage Bankers Association forecast that rates will hit 4.8 percent by the end of 2016, and as high as 5.4 percent by the end of 2017.

Buyers

If you’re thinking about purchasing a home over the next year or two, you may want to consider accelerating the process because a home will cost you more as rates go up. If your major hurdle is saving for a down payment, there are several down payment assistance programs in DC, MD and VA, including DC’s zero down payment assistance program (DC Open Doors). Banks have also loosened their lending restrictions, as most are offering conventional loans with just a 3% down payment. 

Sellers

If you have been thinking about selling your home, now may be a good time to contact a Realtor to discuss your options. Rising interest rates can push down housing prices because Buyers can afford less. However, many experts believe there are a lot of positives in today’s economy to counteract the fears that home sales will fall, including low inflation rates and low unemployment. So long as folks have jobs, folks will be buying homes.

Updated - FREE DC Open Doors Homebuyer Seminar - Feb 4th on 14th St

Our January 27th program has been rescheduled for Thursday, February 4th at 6:30 p.m. due to the inclement weather.  Please RSVP below

Please join us...

When: Thursday, February, 2016 from 6:30 - 8:00 pm
Where: Logan Title (2308 14th St. NW, Washington, DC 20009)
Who: All are invited. RSVP required.

ABOUT

DC Open Doors is a program funded by the DC Housing Finance Agency that offers down payment assistance to first time home buyers and repeat homeowners. Many would-be homeowners are paying record high rents to live in the city, and primarily because folks aren't able to save for a down payment to purchase a home. DC Opens Doors allows buyers making less than ~$126,000 to purchase a home with $0 down payment, so there's no need to continue throwing away money paying your landlord's mortgage...especially if you plan to be in DC for more than 5 years.

Come to this FREE event on Thursday, February 4th from 6:30 - 8:00 p.m. to learn more about the DC Open Doors Program and the home buying process. This event is open to all from property virgins to seasoned homeowners, so stop by to learn more. Light refreshments will be provided. (no real estate agents or mortgage lenders permitted)