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June 22, 2021

Top Home Buying Strategies in DC

 

 

 

Best home buying strategies in Washington DC

 

Alt-tag: A miniature home beside a home key.

Buying a home in Washington DC doesn't have to be difficult. However, if you don't know what you're doing, it can be. And for many of you that are getting into the process for the first time, it's crucial to clear all the unknowns before you begin. So, to help you out, today, we're talking about some of the best home buying strategies in Washington DC.

We'll look at how you should manage the budget, do the research, and hire the right realtor. And if you follow all the steps, finding the perfect home will be only a matter of time. You can even look forward to cutting some of the costs down. 

Without further a due, let's dive into all the things you should know. 

Preparations

If you're a first-time homebuyer, you might be surprised to hear that good preparation is half of the success when it comes to buying a home. Of course, you'll need some luck to find the right listing at the right time. But, the better you prepare, the less effort you'll have to put in later on. 

So, long before you start looking into the best DC neighborhoods for young professionals, you'll need to outline your goals, set your limitations, and find the right people to help you. And here's how you do that.

                                                                      

To get the most out of the best home buying strategies in Washington DC, you need to prepare well. 

 

Alt-tag: A laptop, mobile phone, and a piece of paper on a table.

Know what you're looking for

When you're looking for a home, you have a lot of options to choose from. There are apartments, family homes, lofts, condos, and many more. All of these have their pros and cons, and you have to think about them all before you make the decision. 

In general, you should consider your future and think about what kind of place can help you make the most of it. If you're going to focus on your career, there's no point in looking for a family home. On the other hand, if you're planning to start a family, a small loft won't be the best choice. 

So, do your best to outline your expectations. This will make it easier to narrow down your search. 

Set your budget

An average home in Washington DC will set you back around $687,000. However, that doesn't mean that you need to have that amount of money in your account to start looking. Home buying is a process that can take years or even decades to complete. Hence, you'll have a few finance options you'll need to look into:

      A standard home mortgage

      A government-issued loan

      Seller freelancing

      Crowdfunding your purchase

     Rent to own

Each of these will be suited for a different kind of buyer. So, before picking one, make sure to explore all the options. 

Now, even if you're going to pay for your new home in years to come, you'll still have to have some money on your for home buying-related expenses. For example, you'll have to pay for moving as well as storage services if you can't bring all of your items to your new place right away. Luckily, you don't have to look far to find DC-based professionals to deal with this. But, it's an expense that you'll have to take on.

 

Your budget is one of the most important things when buying a home. 

Alt-tag: A woman doing her budget and thinking about the best home buying strategies in Washington DC.

Find the right realtor

In a market that is as hot as Washington, you'll need an excellent realtor to help you with your endeavors. This person should understand what you're looking for and keep an eye on the available listings at all times.

And to succeed in that and take advantage of all the best home buying strategies in Washington DC, there are a few things you should look for. You want your realtor to be experienced, energized, and local. Once you find that person, try to build a good relationship with them. The better you go along, the more motivated they'll be to help you out.

Make a list of priorities

Now that you're done with all the preparations, it's time to look at some actual homes. And this is the time when you need to be the most careful.

It can be surprisingly hard to decide if you want to buy a home or not once you see it. Each place will have its ups and downs. So, you'll need to make sure that it checks as many boxes as possible. On top of that, homeowners tend to hide some of the faults that the home might have. Therefore, be sure not to rush.

To make things a bit easier, make a list of things you want and don't want. Know what your must-haves are, and be aware of what should be a deal-breaker for you. So, when you see that a home isn't a good fit, don't try to make it work. There's plenty of listings to look at, and among them, you'll find your dream home for sure.                                                        

                                                                              

 

List your priorities from the most important ones to the least important ones. 

Alt-tag: Woman making a list.

Check out the neighborhood

Before you decide on a purchase and move into your new place, it's always a good idea to check the neighborhood. This is especially true if you're coming out of town. Of course, Washington DC is not near the size of NYC or LA, but it's still a big city, soits neighborhoods can vary quite a bit

If you're looking for a place to live with your family, you should look into Georgetown, Palisades, and Friendship Heights. However, if you're single, you'll enjoy Adams Morgan, Cleveland Park, and Foggy Bottom a lot more. 

As you can see, it's important to pick carefully to get what you're after. To learn more and find the best spot for you, we advise you to look at our neighborhood guides.

Final thoughts

All of our best home buying strategies in Washington DCare here to help you find the place you deserve. However, you'll still need a bit of luck to do it. Get yourself a good realtor, have the paperwork ready, and wait for the right opportunity. That's the only recipe for finding a top-notch house. 

 

Meta: Learn everything you need to know about the best home buying strategies in Washington DC. Make your homebuying experience into a breeze.

Posted in Real Estate News
June 21, 2021

6/21/21

 

 

Did You Know?

The extraordinary recovery of the U.S. economy is set to make the country the world’s top destination for overseas investment this year and next, with foreign businesses drawn by the prospect of a rapid and sustained rebound in consumer spending. (WSJ)

 

Did You Know?

Are more intense/detailed neighborhood/town/city ordinances coming soon? Many homeowners are frustrated by fractional ownership companies and AIRbnb style entities coming to their neighborhood and imposing new rules is almost a certainty to preserve the quality of life issues. The old-fashioned HOA may be coming back in style........ (WSJ)

Posted in Market Updates
June 18, 2021

6/18/21

 

 

Did You Know?

The average rate on the popular 30-year fixed mortgage moved higher, hitting 3.25%, according to Mortgage News Daily. Last fall, mortgage rates dropped dramatically, and by February of 2021 the average rate on the 30-year fixed was at 2.75%

 

Did You know?

After weeks of headlines about soaring commodity prices, a new headline emerges:  PLUMMETING commodity prices:  Lumber down 9.8% in one week, Copper down 7.9%, corn down 21.3%! Actions by the Chinese government to curb speculation combined with the Fed's comments fueled this. The threat of commodity hyper-inflation seems to be over. (CNBC)

Posted in Community News
June 17, 2021

6/17/21

 

 

Did You Know?

The Fed - under Jerome Powell's leadership that started in 2018 - signaled they expect to raise interest rates twice by late 2023, sooner than they anticipated in March, as the economy recovers rapidly from the effects of the pandemic and inflation heats up. 18 more months of super-low interest rates?  I'll take that!  Some expect rates to rise sooner with rising inflation, an indicator of massive economic activity. We should be reminded that rates are at record lows..... (WSJ)

 

Did You Know?

More than 40 million people in the U.S. are forecast to experience triple-digit temperatures this week and roughly 200 million people are projected to see temperatures over 90 degrees. Nevada and Arizona are forecast to see record temperatures of 125 and 128 degrees, respectively.  107 years ago in 1914 the first in-home air conditioning machine (made by Carrier) was installed in a Minneapolis mansion. It was 7ft high and 20ft wide. Up to this point, air-conditioning had only been used in hospital or manufacturing settings.

Posted in Community News
June 16, 2021

6/16/21

 

 

 Did You Know?

U.S. builders added 1.225 million new housing units, on average, each year from 2001 to 2020, according to the report prepared for NAR by Rosen Consulting Group LLC. That figure is down from an annual average of 1.5 million new units from 1968 to 2000. The US is short 5.5 million housing units! Freddie Mac estimated that the national deficit of single-family homes stood at 3.8 million units at the end of 2020. (WSJ)

 

Did You Know?

About 73% of fund managers think inflation is temporary, according to the latest Bank of America survey. Retail sales fell 1.3% in May but were up 28% from a year earlier during shut-downs as things slowly re-opened. (CNBC)

Posted in Community News
June 15, 2021

6/15/21

 

 

Did You Know?

Before the pandemic, U.S. companies were borrowing heavily at low interest rates. When Covid-19 lockdowns triggered a recession, they borrowed even more at lower rates. After a brief spike, interest rates on corporate debt plummeted to their lowest level on record, bringing a surge in new bonds. Nonfinancial companies issued $1.7 trillion of bonds in the U.S. last year, nearly $600 billion more than the previous high, according to Dealogic. By the end of March, their total debt stood at $11.2 trillion, about half the size of the U.S. economy. (WSJ)

 

Did You Know?

The next energy wave is fast approaching. Modern life, as we know it, will soon be fueled by clean energy. For investors, there are interesting opportunities in this transition over the coming decade. Batteries and carbon capture technologies. Batteries will help charge the future. Expect to see more cars, buildings, and aircraft powered by renewable energy sources as costs of battery technology continue to drop and batteries fuel more facets of our lives. Carbon capture technologies extract CO2 emissions and store them underground or reuse them to create cleaner products. These notes from MORGAN STANLEY with $1.24 trillion under management.....

Posted in Forecast
June 14, 2021

6/14/21

 

 

 

Did You Know?

Room & Board - mostly made in the USA - expects sales of $650 million this year across its 19 stores, up from around $500 million in 2020. The company estimates revenue would have reached $700 million this year if its supply chain wasn’t such a mess. Usually, it keeps around 90% of its items in stock and this has dropped to around 50% recently indicating high demand and a supply chain unable to keep up. (WSJ)

Did You Know?

Around 20% of US home buyers are investors or flippers. (WSJ)

 

 

Posted in Housing News
June 11, 2021

6/11/21

 

 

Did You Know?

The US has the 5th highest GDP per capita, bested only by small countries such as Luxembourg, Switzerland, Norway and Ireland.

 

Did You Know?

The Euro is over 8% stronger than it was a year ago........expect the return of foreign buyers........they can also travel now! (WSJ)

Posted in Community News
June 10, 2021

6/10/21

 

 

Did You Know?
Job openings in April soared to a new record high, with 9.3 million vacancies coming as the economy rapidly recovered from its pandemic depths. The standard set in April was well above the 8.3 million in March that itself was a new series high going back to 2000 for the Labor Departments Job Openings and Labor Turnover Survey. (CNBC)

 

 

Did You Know?

A coalition of 457 investors overseeing a combined $41-trillion of assets have called on world leaders to set more ambitious greenhouse-gas emissions targets and end support for fossil fuels. They wrote a joint letter to heads of State ahead of the Group of Seven (G7) leaders summit that will start on today in Cornwall, England. (Bloomberg)

Posted in Community News
June 9, 2021

6/9/21

 

 

Did You Know?

4.9% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) , a sharp decrease from February 2021 according to the latest CoreLogic Loan Performance Insights Report. The 0.8 percentage point decrease in the delinquency rate from February was the largest since the start of the pandemic and could be partly attributed to the largest one-month increase in employment since August 2020.

 

Did You Know?

New York City hotel occupancy has bounced back faster than expected, according to the mayor’s office. Occupancy last weekend reached 72%, much higher than most predictions. (FT)

Posted in Community News