DC Real Estate News

If you don't level with your agent - they can't help you.

Tue, 17 Nov 2009 20:13:15 -0600

Recently I had a client who was buying a home. They came ready with a pre-approval letter and the willingness to buy a home seemingly within their price range. Once we found a home - we went through the offer; negotiated and formalized the contract.

When I asked to make sure everything was all set with the lender (because the lender wasn't returning MY calls); I was told - yes; but I think we want to switch into an FHA loan. OK?

NO - actually it's NOT OK. We have a contract for conventional financing and we need to ask the seller for addendum if we want to change the terms of the contract. My clients say; well we can get the loan, no problem, but the FHA is a much better deal for us.

Well the seller comes back and says "NO". The seller accepted the offer because while it wasn't full price; they felt good about the conventional loan.

Now the buyer decides to level with the agent and explain things. UH OH. "Houston, we've had a problem".

The buyer DID have an issue with financing, but didn't level with me in the beginning.

If you have hired a Buyer's Agent - they are working for YOU. They are protecting YOUR interests and fighting for YOU. But if we don't have all the information; then we can't do much to protect you. Always be honest and forthright with your agent. We know the contracts; the contingencies and the protections you have better than most.

Happy Home Buying...

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC

Dear Lazy Agent....

Wed, 04 Nov 2009 17:28:06 -0600

Dear Lazy Listing Agent,

I have a client in town for 2 days. We do not have time to waste looking at crappy homes. Since you only had time to take 4 pictures of this 4 bedroom, 3 level home; we have decided to not waste our time looking at your listing. I know you said it looks "amazing" - but we need to see some pictures before driving all over town.

Please tell your seller we wish them the best of luck and if they decide to hire an agent who can take more than 4 pictures of the house - I am sure it will sell. Unless of course it really is a crappy house inside. But I guess we will never know.

If your client does decide to hire a agent who will actually spend a buck and hire a photographer and do some nice flyers. Have them call me.

Thank you.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC

DC Housing Market sure better than much of the country.

Mon, 02 Nov 2009 20:31:58 -0600

I have said it before and I will say it again. The Housing market in Metro Washington DC - is good.

Just this week; an out of town buyer was shocked when I told her that the 10 of the 14 homes she asked to see last week - were Under Contract. "Isn't it a Buyer's Market?"; she asked. "Not Really. Not in DC."

The truth is - the GOOD Homes are GOOD and they are selling. In many areas; within days or a couple of weeks. The BAD Homes - are still bad; and sit and sit.

A recent article; states that the Government Budget is helping the Washington area housing market. The Article basically states that demand for housing is growing quicker in Washington, than any other Major US city.

It sure helps when the Federal Government is the biggest employer in the DC Metro area; that coupled with the contractors and government support companies. Jobs and job growth is a sure fire way to help the Housing Market rebound.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC

Make sure your Retirement Home is Financially Secure

Mon, 02 Nov 2009 20:12:21 -0600

Every year, many older adults sell their home and move into Retirement communities. These communities offer many facilities, including meal service, activities and some medical assistance.

However, recent news has been breaking about many of these communities running out of money and going bankrupt. Erickson Retirement Communities; which runs several communities in the DC area; filed for bankruptcy a few weeks ago.

Another community, Ingleside, in NorthWest Washington; had to introduce large fees to cover the cost of increased expenses.

When picking out your Retirement Home; do your homework. Don't just look at the fancy facility, the groomed lawns and the list of activities. Look into their finances. Make sure you know what will happen to your large deposit and your monthly fee should the facility hit a ruff patch. Look at how their assets have increased or decreased with the recent downturn in the economy.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Just Listed: 1 Bedroom Condo in Logan Circle

Thu, 29 Oct 2009 22:13:52 -0500

Logan Circle at it's Best

1239 Vermont Ave NW, Unit #503, Washington, DC 20005 View Map

Logan Circle at it's best.
This is a REAL 1 bedroom; with a huge & updated kitchen; large bedroom; ample closets and your very own Washer & Dryer. Fully remodeled 2 years ago. Nice view, even an extra storage space. A pet-friendly building & you can walk to your choice of Metro stations. Parking for sale in building through another broker for $32,000. All utilities included in condo fee.

James T. Downing
Team Leader -
The Downing Real Estate Group

REALTOR, GRI, ABR
Licensed in Maryland, Virginia & Washington DC

703.244.3971 Direct
Jim@JimDowning.com Email

Coldwell Banker
Residential Brokerage
5028 Wisconsin Ave. NW
Suite 100
Washington, DC 20016
202-362-5800 Office

Details

Asking Price:

$324,900

MLS:

DC7191106

Bedrooms:

Bathrooms:

# of Floors:

HOA/Maintenance Fees:

554

Subdivision:

Logan Circle

Year Built:

1964

Property Amenities

Community Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

Main 202-362-5800
Dir 703-244-3971
Email | Website

All information is deemed reliable but is not guaranteed.

First Time Home Buyer Tax Credit Extended? Maybe....

Wed, 28 Oct 2009 21:26:42 -0500

While still not law; it sounds that most of congress agree to some form of extending the first-time home buyer tax credit. There is even talk about extending a reduced credit to folks whom have owned a home before.

While details are sketchy - and unclear - it sounds like the general agreement and concept are there - it's just waiting for congress to do their normal crappy negotiating on what to tack on and take off the bill.

Since most loans are taking over 30 days to close - it is difficult for buyer whom are not yet in a contract to purchase a home - to expect to close in time for the November 30th deadline. This is expected by many to hurt home sales nationally.

To read the AP News Article - CLICK HERE

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Yes - A new picture - a different look.

Tue, 27 Oct 2009 18:21:28 -0500

A new picture of my with my new Real Estate Team member - Riley. She is part beagle; part something else; and all puppy. None-the-less; she keeps me busy when I am not listing homes and showing buyers around. She also loves to keep everyone in the office happy.

Whenever someone walks by my office door; they have to come in for "puppy-kisses".

Saying goodbye to my old picture; with my old compainion Casey - is not easy. She is still missed and will never be forgotton.

I pondered the thought for sometime about if I would continue to market myself with the picture of a pet. Sadly; pets come and go; as life changes. Then I figured - lots of things come and go. Like hair, wrinkles and love handles. Our image changes as the times change.

And so... welcome Riley.

September Looked GOOD in Washington DC

Tue, 27 Oct 2009 18:08:18 -0500

The word on the street and in many Real Estate offices is - Business is better than it was last year.

Well here it is; by the numbers:

This September 2009 in Washington DC as compared to last Septermber:

The total real estate in dollars was up 18.56% Wow that is an improvment!

The average sold price was down 12.15%

Number of properties sold was up 34.96% with an average listing period of 94 days - up 14.63% from last year.

So it shows that MORE homes are selling; but for an average list price lower than last year. Now what this DOES NOT mean is that home prices have dropped 12%. What it means is that more homes in the lower price points are selling vs those in the higher brackets.

There are also just over 3200 Active Listings in Washington DC; which is about a 5.5 month supply of homes. Hopefully October will continue this trend of increased sales and lower inventory.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Welcome to DC; now don't get lost !

Fri, 18 Sep 2009 10:03:29 -0500

For those people who move to Washington DC; finding your way around can be the 1st biggest challenge you face! 2nd of course is parking - but you can't park if you can't find where you are going!

Washington DC's streets was designed to "confuse invading armies". I think it was a bad joke - it didn't stop the British in the war of 1812; but it sure as heck stops every tourist visiting from across the world.

Here is a beginners Guide to Navigating Washington DC:

First of all, you need to think of DC has a Diamond shape with the lower left hand side cut off by the Potomac river. (Part of historic DC was actually in what is now Virginia).

DC is divided into 4 quadrants. Northwest, Northeast, Southeast and Southwest. The diving lines start at the US Capitol Building. So everything NW of the US Capitol is in NW DC. (However the Capitol is NOT in the exact center of the Diamond. Thats some of the confusing part. 16th Street NW, running N/S (16 blocks West of the Capitol), is actually (almost) the exact center of the of the Diamond).

Then we have Number Streets going out from the Capitol running North to South. 1st, 2nd up to 49th on the West and 62nd on the Eastern tip.

Then we have letter streets running East and West "A", "C", up to "V" in the South and "W" in the North. Of course there is no J or B streets. I think "B" streets were renamed to Constitution and Independence and "J" - well you would confuse it with JAY street.

So what happens when you run out of letters? What comes after "W" Street? Well there IS a system. Of course there are a thousand exceptions; but as a general guide here is how to figure out how far you are from the "Center" of DC:

The letter system, A,B,C start over in 2 syllable street names. Belmont, Clifton....Varnum, Webster. THEN we go to 3 syllable names; Allison, Buchanan...Van Buren, Whittier.

It's not exact; but it helps!

Now add in the "State" streets. Alabama, Arkansas...Wyoming,West Virginia. These run throughout the city, criss-crossing in a no-nonsense pattern on Diagonals. The most traveled like Massachusetts and Connecticut are MAJOR busy roads; while roads like Illinois and Kansas are not so much.

Just remember the most important thing when Navigating DC. Are you meeting someone at 19th and P NORTHWEST or SOUTHEAST. One is in Dupont Circle; the other over the Anacostia River, past Capitol Hill. This simple mistake is over 6 miles and 30-45 minutes in traffic apart!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Washington, DC : Market Update 10/13/09

Wed, 14 Oct 2009 09:06:08 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of October 13th, 2009

Even though there were many homes which came off the market (expired listings); few came back on the market this week.

Still the general trend is lower and lower inventory; while the number of homes under contract; rose dramatically over the past few days.

The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1668 (Up 26 from last week) Expired: 14 Under Contract: 783 (Up 47)

Condos: Actives: 1258 (Up 21 from last week) Expired: 13 Under Contract: 530 (Up 41)

Arlington County

Single Family: Actives: 403 (Down 32 from last week) Expired: 0 Under Contract: 222 (Up 41)

Condos: Actives: 494 (Up 15 from last week) Expired: 2 Under Contract: 189 (Up 17)

Prince Georges County

Single Family: Actives: 4567 (Down 36 from last week) Expired: 40 Under Contract: 2551 (Up 78)

Condos: Actives: 767 (Down 13 from last week) Expired: 8 Under Contract: 203 (Up 15)

Montgomery County

Single Family: Actives: 2824 (Up 1 from last week) Expired: 17 Under Contract: 1996 (Up 71)

Condos: Actives: 1136 (Down 7 from last week) Expired: 11 Under Contract: 514 (Up 40)

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Fix Repairs or risk a delay in closing...

Wed, 14 Oct 2009 09:02:12 -0500

Many times during a home purchase; the seller is asked to make some repairs as part of a Home Inspection. Often; there is some negotiating back and forth as to what the seller MUST fix, as per the contract; and what the buyer WANTS to be fixed.

AT some point - all parties agree to the items to be completed before settlement.

Then the day before settlement - or even the the morning before; the buyers and their agent walk through the property and make sure the repairs are complete. So what happens if they are NOT complete?

Well there are usually two easy remedies. One - The seller simply credits the buyers with a dollar amount they determine if fair to complete the work. Two - The Closing attorney takes money for repairs and places into an escrow account until the repairs are complete then pays the bill once the work is complete.

However; changes in the lending world are making these options very difficult.

Lenders HATE the idea of escrowing funds. They want the transaction CLOSED with no lingering terms or conditions. Afterall; many lenders will sell these mortgages to someone else; and lingering terms like an escrow account - can hold things up.

So then; we can just ask for a credit right? Not so fast! The new disclosure regulations require that the APR that the lender told the buyer in the good faith estimate be no more or less than 1/8 of a percent from the actual APR at settlement.

So whats an 1/8 of a percent on a 200k loan? $250 OUCH. Thats not much.

SO if the APR IS off by more than 1/8 of a percent.... the lender must issue a new disclosure and then there is a 3-day waiting period. Yes - thats right - you are going to have to wait at least 3 days until you can close; depending on how fast the lender and issue the revised good faith estimate.

So how do you get around this potential pitfall? Easy:

- Make sure all parties are clear on what needs to be fixed and how.

- Provide receipts at least a week (or more) before closing; so any questions or concerns can be resolved.

- Maybe schedule a pre-walk-through 5 or 6 days before settlement. Of course this may not be possible. Often sellers are in the midst of packing and moving. The LAST thing they want is the new buyer coming into the home.

Time will tell how these changes will affect how we do business. The best idea - FIX IT right the 1st time and document how it was fixed and by whom!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Washington, DC : Market Update 10/8/09

Thu, 08 Oct 2009 14:29:02 -0500

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of October 8th, 2009

The number of properties on the market continues to drop as the number of homes under contract rises. The end of a month always sees a higher number of homes "Expire" and come off the market; as well as the number of homes going "Under Contract" drops.

The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.

Washington DC

Single Family: Actives: 1642 (Down 56 from last week) Expired: 62 Under Contract: 736 (Up 14)

Condos: Actives: 1237 (Down 5 from last week) Expired: 54 Under Contract: 489 (Down 28)

Arlington County

Single Family: Actives: 435 (Down 5 from last week) Expired: 17 Under Contract: 181 (Down 11)

Condos: Actives: 479 (Down 10 from last week) Expired: 48 Under Contract: 189 (Down 7)

Prince Georges County

Single Family: Actives: 4603 (Down 120 from last week) Expired: 221 Under Contract: 2473 (Down 33)

Condos: Actives: 779 (Down 19 from last week) Expired: 48 Under Contract: 188 (Down 5)

Montgomery County

Single Family: Actives: 2823 (Down 60 from last week) Expired: 74 Under Contract: 1925 (Down 93)

Condos: Actives: 1145 (Down 25 from last week) Expired: 41 Under Contract: 514 (Down 7)

It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

UNDER CONTRACT - 3 Offers in 3 Days !

Thu, 08 Oct 2009 13:50:24 -0500

Yes; thats right. My team just put a home under contract in near record time. Buyer's market? Not in many areas of Washington DC.

It is true that there are a few deals to be had out there; however multiple offers and homes selling in days - is happening in many areas of the Washington DC Metro area.

This latest Listing was in nearby McLean, Virginia. A popular area due to it's proximity to Major Transportation Routes; Shopping and employment centers. Of course - while location is always KEY; fresh paint; fix-ups; and a great cleaning all go into the Selling Process.

In fact; it took weeks to get this home ready for sale. This preparation seems to have paid off in a big way.

The listings sitting on the market: Are not clean, freshly painted; fixed up; staged or priced right. If they were - they would be sold!

UNDER CONTRACT !!!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Senators Talk about extending the 1st Time Home Buyer Tax Credit...

Sun, 04 Oct 2009 09:54:39 -0500

Well it's a long ways from really happening - but today; Two Senators, Chuck Schumer (D-NY) and John Cornyn (R-TX) -both agreed the

Home Buyer Tax credit is a good plan which should be extended to help lower the Home for Sale Inventory.

What - both sides of the Aisle agree with something? Amazing!

Of course; as with all Politics - I am sure there will be much arguing and debate over this credit. Will it be extended? Maybe. But you can never really trust any Politician to do exactly as planned - or hoped.

Time will tell weather or not the 1st Time Home Buyer Tax Credit will be changed; extended or allow to expire on November 30th. But let's all hope so. I'd say call your congressman and tell them how you feel. Of course living in DC - I don't have a vote in Congress.. C'est la vie.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800 Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016

Open House Today 1-4pm

Sun, 04 Oct 2009 09:10:50 -0500

Great Town Home - Fantastic Location

7329 Eldorado St, McLean, VA 22102 View Map

Location ! This 3 level end-unit town home features 3 bedrooms, 2 full and 2 1/2 baths and hardwood floors. Featuring an Eat-In Kitchen plus a separate dining room.

Relax on your private outdoor patio or by one of the two fireplaces. and enjoy your private beautifully manicured courtyard. This home even has a recreation room and a walkout lower level. Close to CIA, stores, parks and restaurants.

James T. Downing
Team Leader -
The Downing Real Estate Group

REALTOR, GRI, ABR
Licensed in Maryland, Virginia & Washington DC

703.244.3971 Direct
Jim@JimDowning.com Email

Coldwell Banker
Residential Brokerage
5028 Wisconsin Ave. NW
Suite 100
Washington, DC 20016
202-362-5800 Office

Details

Asking Price:

$565,000

MLS:

FX7172619

Bedrooms:

Bathrooms:

2 + 2

# of Floors:

HOA/Maintenance Fees:

Year Built:

1972

Property Amenities

Community Amenities

Contact Info

James Downing
REALTOR, GRI, ABR

Main 202-362-5800
Dir 703-244-3971
Email | Website

All information is deemed reliable but is not guaranteed.