Washington D.C. Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Washington D.C. News

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Sept. 24, 2021

9/24/21

 

 

Did You Know?

In 2019, FEMA said it will price flood insurance based on the particular risks facing each individual property, a change the agency called “Risk Rating 2.0.” After a delay in 2020, the new system takes effect next month for people purchasing flood insurance. Around 331,000 single-family homes around the US will face a rise in costs. More than 230,000 households will see increases of $120 to $240 in the first year; an additional 74,000 households will see costs go up between $240 and $360. For about 25,000 single-family homes, costs will jump between $360 and $1,200. Federal law prohibits FEMA from raising any household’s flood insurance rates by more than 18% a year, it will take years before current homeowners are charged their full rates under the new system. About 50% of policyholders won’t see the full increase in their rates for at least 5 years; some may not see it for nearly 20 years. (NYT)

 

 Did You Know?

U.S. homebuilders started construction on 1.615 million homes in August, up 3.9% from July 2021 and 17.4% higher than a year ago, according to a new report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Across the country, 1.728 million building permits were pulled, which is 6% above the revised rate from a month prior and 13.5% higher than the August 2020 rate. Additionally, 1.33 million homes were completed, a decrease of 4.5% from July 2021, but this is still 9.4% higher than a year prior. (Housingwire)

Posted in Community News
Sept. 23, 2021

9/23/21

 

 

Did You Know?

August existing-home sales posted a 2% decline from July, the biggest monthly decline since April, the National Association of Realtors said Wednesday. Sales last month also slid 1.5% from a year earlier, the first year-over-year decrease since June 2020. (WSJ)

 

 

Did You Know?

Last year saw the world’s real estate assets—the most significant store of wealth globally—jump 5% in value to a record high in 2020.  (MANSION)

Posted in Real Estate News
Sept. 22, 2021

9/22/21

 

 

Did You Know?

U.S. single-family rent growth increased 8.5% in July 2021, the fastest year-over-year increase in 16.5 years. (CORELOGIC)

 

 

Did You Know?

Google is buying a Manhattan office building for $2.1 billion, one of the clearest signals yet of big technology companies’ growing appetite for office space, even as these firms embrace remote work. The deal for the new building on Manhattan’s West Side is the most expensive sale of a single U.S. office building since the start of the pandemic—and one of the priciest in U.S. history. It is DOUBLE what they paid several years ago for their other CHELSEA building.....that has probably doubled in value since..... Globally, Alphabet held $55.9 billion worth of land and buildings as of June 30. Mc Donald's has around $30 billion in real estate....(WSJ)

Posted in Real Estate News
Sept. 21, 2021

9/21/21

 

 

 

 Did You Know?

The top 1% — those earning $540,009 or more — accounted for 40% of the federal income taxes paid......but the picture looks a little different when talking about ALL federal taxes. The Tax Policy Center, a nonpartisan research group, uses a different approach and makes estimates that calculate ALL federal taxes, including personal income taxes, payroll taxes, and the worker and shareholder shares of corporate taxes. Using these metrics 95% of all federal taxes are paid by households in the top two quintiles — those making about $98,000 or more.

 

Did You Know?

The number of taxpayers with IRAs over $5 million tripled to roughly 28,600 from 2011 to 2019. (CNBC)

Posted in Economy News
Sept. 20, 2021

9/20/21

 

 

Did You Know?

The median income in the US of $67,581 per year compels most women to work.....and many WANT to work.....59.5% of college attendees now are women.

 

 Did You Know?

The 6 bestselling cars in the US are all big gas-guzzlers such as SUVs and pick-ups. In the US and the UK, most housing continues to be built on poorly connected developments with few facilities. For many people, driving remains the only option. How will the world adapt to transportation as populations and density increase? (FT)

Posted in Community News
Sept. 17, 2021

9/17/21

 

 

Did You Know?

In June 2021, 4.4% of home mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure), which was a 2.7-percentage point decrease from June 2020. However, overall delinquencies were still above the early 2020 pre-pandemic rate of 3.6%. (CORELOGIC)

 

 

 

 

Did You Know?

Retail sales rose 0.7% in August versus expectations for a 0.8% decline. Excluding autos, sales increased 1.8% versus the Dow Jones estimate for a 0.1% gain. Weekly jobless claims increased to 332,000 versus the estimate for 320,000.

 

 

Posted in Market Trends
Sept. 16, 2021

Find The Perfect Accessible Home with These Resources

 

 

 

When you’re ready to start your home search, connect with D.C. real estate expert Paul Basto. Reach out today! 908-883-1467

 


 

Find The Perfect Accessible Home with These Resources

 

Accessible homes are a crucial part of health and safety measures for individuals who are living with disabilities, but it can be a challenge to find a home that has everything you need. Whether you require large open spaces to accommodate equipment or a spare room to hold sensory tools, it can be difficult to find a spot that checks all your boxes. To make the process as smooth and easy as possible, working with a local real estate expert like Paul Bastocan help you make an informed decision about your living needs. Follow these tips to find the right home at the right price, and learn more about your options.

 

Buy “as-is”

 

There are several different ways a home can be sold, and a few of them can save you money if you do a little research beforehand. Houses that are sold “as-is” are listed by sellers who are unwilling or unable to take care of repairs and other selling costs, meaning you’ll likely get the property at a great price. However, it’s essential to learn all you can about the process and find out what you’ll be responsible for should the sale go through. Have an inspection done by a professional and consider utilizing a lawyer who can help you ensure the property records don’t show any issues.

 

Know what to look for

 

When it comes to finding the perfect house for your needs, it’s crucial to sit down before you begin the search and list all the things you or your loved one need to stay healthy and comfortable. If you’re living with a visual impairment, a home that comes with adequatelighting will be important; if you use a wheelchair or walker, a home with wide doorways and a first-floor masterare ideal. The more you can narrow down what you want — and what you don’t need — the easier it will be for you to pinpoint the right home.

 

Consider modifications

 

It’s rare to find a home that meets all of your needs, and that doesn’t have to be a dealbreaker. These days, there are simple, cost-effective ways to make modifications that will help you or your loved one remain safe and happy. Installing grab bars in the bathroom, for instance, can be hugely beneficial to someone who is living with a disability. Adding a ramp over steps at the entrance to the home is another easy, cost-efficient way to make modifications. You can also check to see if there are government programs or funding opportunities that will make those changes free.

 

Don’t forget to research the area

 

When thinking about your needs, don’t forget to include the neighborhood. If you have frequent doctor visits or need a home away from noisy traffic, you’ll want to take those things into consideration and do some research on the areas in your city that are close to all the things you need. If public transportation is required, that’s another aspect of the neighborhood that will need to be considered. Look online to find out whether the area you’re interested in is accessible, with lots of walking paths. 

 

Explore the Financial Side First

 

Before you begin your house hunt in earnest, it’s important to settle some details ahead of time. First, you want to ensure your budget can accommodate a new home purchase, or the purchase of a home that might need modifications. You’ll also want to check your credit to address any potential blemishes. When shopping around for a loan, be sure to explore loan options specific to people with a disability. Alternatively, if you’re a veteran, you are likely eligible for a VA loan, which comes with distinct financial advantages: flexible credit requirements, no down payment, no mortgage insurance and low interest rates. Lastly, it’s wise to get pre-approved once you settle on a lender. This gives you buying power, and shows a seller you’re prepared to close the deal. 

 

Finding the right home is an essential part of a disabled individual’s well-being, so take your time and utilize all the resources at your disposal to make the search an easy one, keeping in mind that you may be able to modify a home that doesn’t quite meet all your requirements.

Posted in Housing News
Sept. 15, 2021

9/15/21

 

 

 

Did You Know?

The Consumer Price Index rose 5.3% in August, from the prior year, data released by the Labor Department on Tuesday showed. That’s a slightly slower annual pace than the 5.4% increase in July. On a monthly basis, price gains moderated to a 0.3% increase between July and August, down from 0.5% the prior month and a bigger slowdown than economists in a Bloomberg survey had expected. (WSJ)

 

 

Did You Know?

Some 12.3 million American households were formed from January 2012 to June 2021, but just 7 million new single-family homes were built during that time. Single-family home construction is running at the slowest pace since 1995. (CNBC)

Posted in Economy News
Sept. 13, 2021

9/13/21

 

 

 

 

Did You Know?

This past week on September 10, 1990, the first Internet search engine, Archie, was launched. It was used to index FTP archives to make finding files easier. However, as the technology for the World Wide Web was not invented until later in the year, it was not the first web search engine....what would YOU do today if the internet went down for a day, a week? Low-cost mesh networking devices use radio frequencies to transmit data from device to device; when paired with a smartphone and a preferred mobile app, these networks can enable communications completely independent of cell, Wi-Fi, and satellite services.

 

 

Did You Know?

Satellite phones work during disasters because they rely on satellites rather than telecommunication networks. If your cell is out of range or a natural disaster destroys the phone lines/ antennas, a satellite phone will work without interruption. Businesses are advised to keep a satellite phone for such emergencies but keep in mind that it should only be used when other communication means are not an option. Satellite calls are expensive and traceable. 

Posted in Community News
Sept. 10, 2021

9/10/21

 

 

 

Did You Know?

84% of home buyers said the energy efficiency of a future home is important to them but when asked what would motivate them to buy an energy-efficient home and the responses are mixed. Around 27% would prefer a greener home and would be willing to pay a premium for it, while 22% consider the green finance element, and the prospect of cheaper mortgages, a motivating factor. Less than 20% of respondents said the energy efficiency of a home would not influence their purchase decision. Looking at property descriptions these days, I have spotted a notable increase in the mention of car chargers, solar panels, Passiv house tech, LEED certification, etc as selling features..... (LUXURY DAILY)

 

 

Did You Know?

The Fed will have to wind down its pandemic-era stimulus program quickly and raise US interest rates in 2022 in response to higher inflation, according to a poll of leading academic economists for the Financial Times. Just over 70% of respondents believe the Fed will raise rates by at least a quarter of a percentage point in 2022, with almost 20% expecting the move to come in the first 6 months of the year, far earlier than the 2023 lift-off from today’s near-zero levels that Fed officials penciled in back in June. (FT)

Posted in Real Estate News