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

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...

Are You Paying Too Much For A House In Your Neighborhood?

Consider comparable homes, local prices per square foot, and city development plans when buying a home.

When you’re purchasing a production or tract home, determining how much you should pay is fairly straightforward. It can be as simple as looking at the recently sold homes in the neighborhood and considering how your specific lot stacks up. But if the home you want doesn’t compare so easily with its neighbors — say, it’s bigger or custom-built — figuring out how much to pay can be trickier. Here are six things to do before deciding if it’s worth it.

By Laura Agadoni | Apr 27, 2017 4:45AM

6 Financial Perks of Being a First-Time Homebuyer

1. You can deduct the interest you pay on your mortgage.

2. You may be able to deduct points.

3. Depending on the year and your income level, you may be able to deduct PMI.

4. Real estate taxes are deductible.

5. Your other tax deductions may matter more.

6. You’ll get capital gains tax relief down the road.

By Kelly Phillips Erb | Sep 01, 2017 6:30AM

The Rise of DC's Ivy City

Consider this statistic: From June 2016 to June 2017, Lyft saw more than a 250% increase in rides to Ivy City, where La Puerta Verde, Ivy City Smokehouse, Ari's Diner, Big Chief, and other restaurants have opened over the past year or so.

D.C. is a small city compared to say Los Angeles or New York, so diners can freely bop around to different neighborhoods. "Uber and Lyft have a lot to do with that because it's so convenient to get in an Uber and in 10 minutes you're on the other side of the city with a different vibe," says Matt Baker, the chef and owner of Gravitas.

To read more, click here.