343 Cedar St. NW  #304  Washington, DC  2BR/2BA + Parking  $370,000

Check out these links to some of our rentals in Washington, DC:

3925 Davis Pl. NW  #205 1BR/1BA $1,650/month

1916 4th St. NE  #1  2BR/2BA  $2,350/month

This mris report was gathered from sales and contract data from Januar to March 31st of 2010. This covers all of Washington, DC. There market is…HOT!  I’m attributing this to the tax credit, which was supposed to end at the end of November but now has been extended to April 30th (settlements no later than June 30th).  Activity is up across the board but, as usual, most activity was in the price range of $300k-$600k with not much going on in the luxury bracket.  Even though average sales price is lower by 13% compared to last year, activity has jumped to nearly 8% more than October’s sales volume.  Interestingly, most properties are getting close to what their asking price is when compared to last year.  Compared to last month, more people were willing to pay more for properties.   Interest rates were still in the high 4’s or low 5’s at the most and inventory was plentiful.  Most properties didn’t stay on the market for more than 30 days which indicates that demand was up.  This is a clear sign that buyers are taking advantage of the favorable market conditions.

Clearly, Washington, DC is experiencing a robust real estate market.  On top of the great rates and well-priced properties, buyers were inspired to move forward with their plans to purchase because of the $8,000 first-time homebuyer tax credit.  It has now been extended to the end of April 2010 which will help the market keep its momentum.

Check out the report and let us know if you have any questions about your neighborhood.  We’re happy to provide you with custom neighborhood reports. In the meantime, we hope that you find this information useful.

If you’re planning to purchase a home in 2010, here’s the annual list of New Year’s resolutions you should consider making.

– Get your credit and finances in shape. If you want to take advantage of today’s low interest rates, you need to have a credit score above 760. The higher, the better. If your credit score is below 620, you’ll have trouble getting even an FHA loan.

– Know how much you can afford to spend before you shop. Getting pre-approved has never been more important. You’ll need documentation (W-2, tax returns, account statements, etc.), so get it together before you contact a lender. And shop around. Each lender sets its own fee schedule. Get the best deal by contacting four or five types of lenders.

– Know the neighborhood, and be comfortable with it before you buy a home there. Houses are great, but neighborhoods that are littered with foreclosures may be unstable for years. Spend time in the neighborhood before falling in love with a particular house.

– Interview at least three brokers before hiring one. This is the single biggest purchase of your life. You deserve to have the best representation. Interview at least three agents or brokers before hiring one. Ask questions about how many transaction sides they’ve closed, what price range they work in, who their typical customer is and what kind of technology they use. Hiring an agent is like being in a marriage. You want it to be good, supportive and productive.

– Read and understand all documents before signing them. I know loan documents are long and boring. So what? You’re committing to the next 15 to 30 years of your life (less if you refinance). Take the time and read your loan and purchase documents. Make sure you understand what they’re saying. Make sure the numbers match what you were promised. And if they don’t, speak up before you close — not after.

Remember, you have until the end of April to take advantage of the $8,000 credit.  So get to work!  Call us today to get a complimentary home-buying consultation.  Our agents are experienced in all facets of home buying and can help you make a sound decision.  Contact us today!