District of Columbia, DC Real Estate News

By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Hey there, whether you were celebrating Valentine's, Galentine's, Friendship Day, or just making it through today, I hope you're having a fantastic time! Let's talk a bit about what's going on in the DC Metro housing market lately.For those of us who've been around here for a while (like me, 25 years and counting!), we've seen the housing numbers climb up and up, which is pretty great news. But with that comes some challenges, especially for buyers. Interest rates recently hit 7%, and that meant some of my clients missed out on homes because of all the competition.If you're thinking of selling, now's the time to act! Seriously, don't wait around for spring or summer—get your home on the market while the getting's good. And if you're considering investing elsewhere, I've got connections ...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
The Fed Created a DC Home Buyers Market, Then Priced Non-Cash Buyers Out As mortgage interest rates inflated, the DC market slowed, offering buyers a rare opportunity... but they quickly found that higher rates meant tighter lending conditions and huge payment hikes. With the Fed repeatedly dismissing hopes of meaningful 2024 rate reductions, many buyers sat out the one opportunity they may have had to purchase in the District without mad bidding wars, price escalations and harsh terms.   The Numbers Told A Different Story Total sold dollar volume for 2023 shows a significant contraction, declining by 22.19% to $5.33 billion from 2022’s $6,847,085,812. The number of units sold saw a substantial drop of 21.97%. The median sold price, a key indicator of market health, experienced a more p...
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Columbia Condos for Sale: Spectacular Historic Mixed-Use StructureThe Columbia including Columbia Condos for Sale is a spectacular historic mixed-use structure in the center of Washington, D.C. The Columbia, built at the turn of the 20th century as a women's hospital, had a radical reconstruction in 2006. In its current state, it provides 225 luxurious residences and 28,000 square feet of ground-floor retail space, including the ease of a Trader Joe's. Each apartment features spacious open floor plans, exquisite finishes, and modern design elements that lend a sense of refinement and elegance. For visitors of owners, there are also small rental apartments available. It is a pet-friendly neighborhood that is close to the Foggy Bottom Metro. The Kennedy Center is a must-see for locals, wh...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Today, I'm delighted to introduce Chef Rupa Vira, a pioneer in our region to introduce the first all-vegetarian Indian restaurant (Signature) and an upscale restaurant (Celebration) without heading to DC.She also has Rupa Vira’s Catering Services which is one of the leading Indian caterers in Virginia, Washington DC, and Maryland! In all her culinary endeavors, she's all about bringing that authentic taste of India. Chef Rupa Vira crafts her dishes with a genuine blend of Indian spices, and freshness is always a guarantee.You could call her a Restaurateur, a Caterer, and an Executive Chef – she's earned quite a reputation in the area!Check out both of her restaurants and catering services here:https://www.instagram.com/celebrationva/ https://www.instagram.com/thesignatureva/ https://rup...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
The 2023 DC Real Estate Market vs 2008 The 2023 DC Real Estate Market Isn't a Throwback To 2008 There's nothing like a year of drastic mortgage interest rate hikes on top of breathtaking price increases to bring back bad memories of the 2008 real estate market crash, and its subsequent fallout, which lasted half a decade or more for many in the U.S. 2022: Year-over-year CPI peaked at 9.1% in June, and monthly readings since have steadily declined. After bottoming out at 2.65% in January of 2021, mortgage rates peaked in October 2022 at just over 7% and since have adjusted down, currently averaging in the high 5% to mid-6% range.  It was the sudden, dramatic increases made by Fed Chair Powell that have most concerned U.S. consumers, 41% of whom say they now fear a housing crash in the ne...
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By Andrea Bedard, Fluent in Real Estate & German, M.A. ABR ASP CIPS
(Thompson Company, REALTORS® 240.593.2860)
the other night in DC#nofilter♥ It's always been the vintage, the old house charm and the original details that I adore the most, that draw me in, make my [REALTOR®] heart flutter, and prompt me to pause, to listen, and then to retell their stories. I specialize in finding and marketing charming homes that are unique and rich in character, or history, or both. I believe in preservation, second chances, saving the pink bathrooms, and front porch living. In this series I highlight charming homes that I am listing to find just the right buyer for or I am admiring with my special clients; or that have simply caught my eye while exploring the [historic] communities of Maryland and [far] beyond. Adore charming homes as much as I do? Then I'd love it if you'd follow me on Instagram, @onceupona...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
A little rate increase, and forecasts for a little more, and a little more, with no definite end in sight.A little more pain and a promise for more to come from Fed Chair Jay Powell after today's FOMC meeting. Today's rate hike of 0.5% lifts the terminal rate projection to 5.1%. It was the 7th and final rate increase of 2022, to the highest benchmark interest rate level in 15 years. Powell answered questions about possible 2023 rate cuts, and the likelihood of a 2023 recession at the presser following the meeting.Read the full post 
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
DC Assumable Mortgages: Seller Advantage? If you're a home seller in the District of Columbia with an assumable mortgage, you're probably asking the question; Is it a big advantage in the current market?With a decade of historically low mortgage interest rates, low inventory and stiff competition, FHA | VA represent a much smaller portion of mortgages in the District of Columbia.Then rates shot up this year.So now, borrowers are rediscovering assumable mortgages and reassessing their relevance in the DC real estate market.What's An Assumable Mortgage?It's one that can be transferred from the current mortgagee to a qualified buyer, reassigning the terms agreed upon when the loan was first originated.​ How Does That Work?In simple terms, the seller checks their loan contract and confirms ...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
If you're shopping for DC real estate in the current market and dismissed the idea of discounted mortgage loans, maybe think again. 🤔Programs like the 5/1 ARM can offer rates a full percentage point or more below 30 year fixed rates, lowering your monthly payments while increasing your purchasing power. And that addresses two major challenges for DC home buyers right now: soaring mortgage interest rates, and tougher loan restrictions.We tell you the why's and how's here:https://realestateinthedistrict.com/dont-waive-your-arms/For a quick take, listen to our audio clip 
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Well you're not alone! 😆 There’s more than a little confusion surrounding the national real estate market right now, and here in DC things aren’t much different. Sellers wonder how they went from pre-market bidding wars to double digit days on market, buyers are shell-shocked by rapid-fire rate hikes, investors are holding back, hoping for more price improvement, and real estate agents? Just trying to hold it all together while we help clients navigate a transitioning market.Here's our take this first week of November 2022.  Read the full post at realestateinthedistrict.com
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By Grant Schneider, Your Coach Helping You Create Successful Outcomes
(Performance Development Strategies)
This past weekend Phyllis and I attending a wedding in Washington DC.  It was the one of the friends of my daughter who had grown up in Armonk.  Daryn had gone to college in Washington DC and stayed there afterward.  She was marrying Dmitry, an urban planner who was from Russia.  Our daughter was not able to attend with a two year old and a new born.The hotel was The Moxy by Marriott,a concept for millennials with very small rooms and hip surroundings.  Clearly, we and two other couples were really out of place here.  I took a picture of our room but won't show it here. The wedding was at President Lincoln's cottage where Lincoln spent summer nights during his presidency and where he wrote the Emancipation Proclamation.And one of Ashley's friends snapped a picture of us to send to her. ...
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By Todd Ewing, Founder & CEO
(Federal Title & Escrow Company)
A DC first time home buyer who qualifies for DC’s Home Purchase Assistance Program could receive as much as $202,000 for down payment assistance and gap financing beginning October 1, 2022.This is incredible news for DC first time home buyers, as it represents an increase of more than 2.5 times the current maximum amount, which is $80,000. Money from HPAP is issued as a low interest loan that can be deferred for up to the first 5 years.A DC first time home buyer who’s trying to purchase in today’s market is having to overcome a median sales price of about $562,766, according to Urban Turf, which is up year over year despite a supposed slowdown due to rising interest rates.HPAP funds can be used for down payment assistance and/or gap financing, plus qualified HPAP applicants can receive ...
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By Todd Ewing, Founder & CEO
(Federal Title & Escrow Company)
Why should I choose a title company near me in DC, Maryland or Virginia when there’s an online title insurance vendor that can close for a few dollars less?The old adage remains true, real estate is local. Only a local title company operating near you and the property you’re looking to buy or sell has deep knowledge of the local real estate customs and regulations. People working at your local title company live in the same communities as you and are committed to taking care of their neighbors – even after closing.Occasionally we receive calls from homebuyers, who are rightfully shopping title companies nearby in their effort to find the lowest closing costs and best service. Then they tell us about the online title insurance vendor who’s offering the same convenient closing technology ...
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By Todd Ewing, Founder & CEO
(Federal Title & Escrow Company)
The stories about homes for sale receiving multiple offers, contracts with waived contingencies and properties purchased sight unseen may soon be coming to an end.Rising interest rates, inflation, high home prices and an uncertain economic forecast have helped put the brakes on a runaway housing market that for several years has made it incredibly difficult for homebuyers to gain any traction – first-time homebuyers especially.Redfin reports that the number of sales contracts written by Redfin agents and facing competition has dropped to the lowest levels in two years, 49.9% nationally.In Washington, D.C., the real estate market remains competitive but also shows signs of calming. Last year, nearly 65% of homes offers written by a Redfin agent saw competition, while this year the rate h...
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By Lisa Perry - NMLS # 276329, Northern VA - VHDA, 100% Loans - Jumbo Loans
(FHA, VA, Jumbo, Downpayment Assistance, Conv.)
As the nation’s capital, Washington D.C. attracts homebuyers from across the country. First-time homebuyers in the District can utilize the DC Open Doors program, which features down payment assistance and federal tax credits. Learn more about how you can qualify here. The District of Columbia is a special place. It’s the United States’ capital – the center of all the action for the federal government. It’s also an international city, home to embassies of nations from around the globe. Even its jurisdiction is unique, not being a state but rather a special, federal district.While you’re probably familiar with all of these common characteristics of the District, you may not know that it can also be the perfect place to start a family or grow your budding career. For as varied as people’s...
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By Todd Ewing, Founder & CEO
(Federal Title & Escrow Company)
The tallies are in, and the District of Columbia officially ranks No. 1 for the highest average closing costs in the nation, according to a report on closing costs that ran last month in the Washington Post.Not exactly something for DC homebuyers to celebrate. Maryland didn’t fare much better at No. 4, while Virginia came in toward the middle of the pack at No. 16.Bear in mind these are closing cost averages in DC, Maryland and Virginia, and closing costs increase as the price of the property increases. But price increases are not the only driver of high closing costs.Homebuyers are paying high closing costs because of the proliferation of broker affiliations with title companies and joint venture operations between brokers and title companies.When title companies pay money in exchange ...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
So you're scrolling through the internet, checking out this home and saw how beautiful it is. You decided that you'd like to buy it, and one website says that it's $XXX amount or something. Then you go ahead and submit an offer, but things don't go that well for you. "I did my research, what went wrong?" you ask.The algorithms you see online are good for scouting, but they can be notorious. They may not take into consideration the current market conditions, which can evolve very fast.In addition, it doesn't also take into consideration the strength of the home, or the update/s the home has been through, and what the condition of the property is, since records online might be outdated from the last time it was published for sale before it's being sold again today.Make sure that you have ...
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By Susan Isaacs | DC Real Estate Consultant, Partnering with: DOMOofCompass
(Compass | 1313 14th St NW DC 20005)
Find us at realestateinthedistrict.com
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
It's no question that Washington, D.C. has a lot of monuments and museums attributed to some of the world's historic events. Since the weekend is fast approaching, here are some of the DC memorial places that you can go to for a walk.Quick tip: Consider checking out some of them by night (FDR and Lincoln are particularly pretty in the evening)!1. DC War MemorialThis memorial is dedicated to the men and women who gave their lives in the World War. Their names are inscribed as a perpetual record for their patriotic service to the country, and helped shape this nation to what it is today.Go to their website by clicking here to learn more: https://www.nps.gov/nama/planyourvisit/dc-war-memorial.htm2. Franklin Delano Roosevelt MemorialThis memorial is dedicated to the Former President Frankli...
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By Ritu Desai 703-625-4949, Northern Virginia,Washington DC & Maryland Realtor
(Samson Properties)
Patriotism continues even a week after the MLK day by observing history and what it taught us to make today and the future better. One way of celebrating these historical events is by attending museums, which reminds us of the times passed by and gave us insight on how we can make things better.One of these places is the John F. Kennedy Center for the Performing Arts. Just a bit of backstory -- a National Cultural Center has been planned to be created back in the early 1960s. Following the untimely death of former President John F. Kennedy, on January 23, 1964, the said Cultural Center was dedicated to him in his memory and devotion to the advancement of the performing arts in the United States.The Kennedy Center hosts about 2,000 of events, and offers a lot of classroom lessons, digita...
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