Washington, DC Real Estate Market Snapshot

Updated Monday, July 27, 2009

Listing Type	Number	Median Price	Price Change from Jun
Homes for Sale	2,903	$389,000	0.0%
New Homes	3	$434,540	0.0%
Foreclosures	781	$272,531	+1.8%

As you can see from the figures above, the figures have changed very little since June/09. The New Homes being sold and the resales have not risen whereas the foreclosures have risen slightly. These figures will also reflect business which started three months ago and finished this month. The price of new homes is higher than for resales and of course for bank owned foreclosures. The entire area has seen an overall increase in sales, for both new homes and resales. Unfortunately the foreclosures are rising but this could be a one to two year reaction to the overall economy.

Harsh Economy

The real estate market is just starting to put itself together in today’s harsh economy. In Washington DC real estate, there are more available for sale homes in a neighbourhood than there are stable family-owned homes. What makes it hard for realtors is that when they try to show these homes, some of the yards are strewn with garbage and the houses are in a mess inside. If the nicer homes cannot be sold either in the same neighbourhoods, then no one is a winner. If you can overlook the cosmetic problems, you can easily grab up a property for much less than previously offered. The DC waterfront condos are available at a great price and are worthwhile looking at.

Even celebrities have to forfeit their homes. Stephen Baldwin, of the famous Baldwin Brothers, had to let his home return to the bank after missing several thousands of dollars in payments to the bank. He has just entered into bankruptcy. No one is immune to the economy’s muscle hold especially if they invested in the Madoff pyramid scheme. Madoff took many wealthy people and their savings to the laundry when he used one person’s investment to pay off another’s investment. It all caught up to him when too many demanded their money back but the money wasn’t available due to his own investments. A safe investment is always homes for sale in Washington DC.

Don’t hide your money in your mattress either as one daughter learned the hard way. She thought her mother needed a new mattress and box spring so she went ahead and bought a new set. The deliverers took away the old set and took it to a dump site. When the mother returned to her house and found out the surprise, she wailed in terror. There was over a million dollars hidden in that old set. They had to search and scour all the dump sites for days before the money was found.

If you are lucky enough to be in a buying position in Metro DC homes area, do it soon. The interest rates are phenomenal and the availability of homes is outrageous. You can virtually have your pick if the circumstances are right. Every neighbourhood and subdivision has homes for sale, foreclosures going for a good price and there is always hope at the end of the tunnel. If you are sceptical don’t be, now is the time to get out there and look. School will be starting up soon and you need to get your children settled before they start classes.

Choose the Best Realtor in Dupont Circle

1. When it comes to choosing a real estate agent, consumers who do their homework can save thousands of dollars and experience a smooth financial and physical transition. So don't waste time and resources - decide what's most important to you, and then find a professional who specializes in that area. Are you buying or selling a loft? A condo? A rural property? Raw land? An investment property? Perhaps cost is your main concern. Or timing. When purchasing in Washington, consider the Dupont Circle Condos.

2. Ask friends and family members for referrals. Someone you know and trust may have an agent in mind to help you meet your real estate goals. Don’t forget about the Real Estate in Dupont Circle Condos.

3. If you've already determined where you'd like to live, drive through neighbourhoods in the area and survey them for Realtor yard signs. Seeing the same name pop up on signs time after time may indicate that the agent is a specialist in the area. If you're thinking about selling, monitor the signs in your own neighbourhood. Make sure you look for Dupont Circle Homes for Sale.

Moving far away? Online, you can begin to meet and greet agents from all around the world who can offer the same great expertise and service Consider services they offer, additional certifications, any specialties, languages they speak. You'll find the right professional to meet your real estate needs no matter where your home search takes you. If you are staying in Washington DC, please consider Condos in the Dupont Circle. You will be very pleased.

Buy rather than Rent in Dupont Circle!

Today’s topic is tips for creating long-term wealth with real estate. Real estate values should always increase, whereas car values decrease over time!

Several years ago, when my grandfather passed away, I saw the statement from the probate of his estate. By the end of his life at the ripe old age of nearly 90, most of his retirement savings had been spent. Where was his wealth when he died? In his Washington, DC condo, which he and my grandmother owned for more than 20 years. During his working life as a chemical engineer and later after he retired, his house was quietly working away too--chugging along and generating considerable equity over time. You should also consider a Dupont Circle Condo.

The lesson to take away from this little story is simple and really important: Over time, real estate goes up in value and, over the long term, it can go up a lot! Although appreciation has slowed recently in the US, owning real estate for the long term can be a powerful wealth building strategy. As the old saying goes, “Don’t wait to buy real estate; buy real estate and wait.”

On average, homeowners have higher net worth than renters. According to the study done, the average net worth of renters is $54,000, but the average net worth of homeowners is $625,000! More than 11 times more. Please make sure you have a look at the Condos in Dupont Circle.

If you don’t already own your own home, consider making it a goal to buy one. It’s easier than you might think. There are many loan programs available that allow for low down payment for home buyers. Always keep in mind the real estate in Dupont Circle.

Are you thinking of a Purchase?

According to the latest news reports, interest rates for mortgages and long term loans are on the rise, which may indicate that the recession is on the way out slowly but surely. But we should not count our eggs before they hatch. Just because these reports indicate an interest rate hike does not mean it is necessarily so with all the lending institutions. Is it a good time for you to lock in that variable rate mortgage now? In real estate, Washington DC homes and DC waterfront condos are available for sale.

I can’t venture a guess. Is it time to start saving up for a house? Definitely, that is always a good thing. You should have a talk with your lending institution and get something in writing before leaping into the housing market. When you are ready, Metro DC homes which are currently on the market are a great deal and plentiful in numbers.

Here is a list of things to consider if you are currently renting and wondering if you should make the leap into the homes for sale in Washington DC domain:

. If you can afford another one-third on top of the current rent you are paying for your housing, then you might consider buying

. If you have a creative flair and would be able to decorate your new home on a dime, you might consider buying

. If you are mechanically minded and love to fix plumbing, electrical and wood work, you might consider buying a home

. If you need extra room for the family and impending children then you might consider buying a home

. If you have a down payment saved and can subsist on very little until the deal is sealed then you might consider buying a home

. A home can be as simple as a one bedroom condo or a four bedroom side split in the suburbs of the city, it is up to you to decide

. If the taxes, interest and principal payments are no higher than 30 per cent of your net income, then you might be able to buy a house

. If you want a small piece of land to call your own, to tend a garden and rake leaves, then you might consider buying a home

. If you have the backing of friends and family, then you might want to consider buying a home

. If you start small and then enlarge your house throughout the years, you might be able to afford a home

. If you are truly tired of paying someone else for their property, rent, then you might consider buying rather than renting any longer.