Homebuying Opportunities in the DMV
This past week I attended a meeting with realtors from our area and the message was clear. We have moved from a solid sellers’ market in the DMV to either a neutral market or in some pockets a buyers’ market. We had been seeing the condo market soften over the spring and summer to make it a great time to buy a condo. But recently even single family homes are taking longer to sell, especially in the District.
Of course there are exceptions to this trend if the house is priced right, staged well, and in a highly sought after neighborhood. However, as the days on market increases, so is your opportunity to buy a house without having to compete with multiple offers and have contingencies in your offer to protect you.
I also want to share information about an incredible homebuying opportunity in DC. We recently had a client buy a condo in DC and put no money into the deal! Here is how it worked.
🏡 The sales price of the property was $275,000.
🏡 We used our 100% financing with no mortgage insurance so that he did not need any down payment.
🏡 His income was $79,000/year so he qualified for the Fannie Mae closing cost grant (maximum income in DC for that program is $82,200) so he got a $2,500 closing cost credit from us.
🏡 He also qualified for the DC Tax Abatement (same income limit) so he did not have to pay his half of the DC transfer and recordation tax and the seller’s half went to his closing costs, not to DC.
🏡 Finally, he was able to negotiate to have the seller pay $3,000 of his closing costs because of the softer condo market.
The end result was that he got back his $3,000 deposit and the seller paid for a year of condo fees because we needed to use up all of the closing cost help! I can’t remember the last time my buyer got money at closing rather than bringing money to closing. This was a great way for this young professional to stop paying his landlord’s mortgage and start building his own wealth.
Contact us today if you would like to discuss your homebuying opportunities!
