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Buying Real Estate in Washington, DC

News, Tips & Advice for Buyers Seeking Property in Washington, DC

Dec 22

Home Supplies Fall To 7.0 Months Nationwide; Buyer Demand Strong

Home resales moved to a 10-month high in November, the latest in a series of strong showings from the housing sector. According to the National Association of REALTORS®, November's Existing Home Sales rose to a seasonally-adjusted, annualized 4.42 million units nationwide --  a 4 percent climb from October 2011. An "existing home" is a home that has been previously occupied and cannot be categorized as new construction. Home buyers and sellers throughout DC should take note of November's numbers … [Read more...]

Dec 13

A Simple Explanation Of The Federal Reserve Statement (December 13, 2011 Edition)

Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was nearly unanimous for the second straight month. Just one FOMC member dissented in the vote, favoring additional policy stimulus beyond what the Federal Reserve currently provides. In its press release, the Federal Reserve sais that the the U.S. economy is improving, noting that since its November 2011 meeting, the economy has been … [Read more...]

Dec 01

Friday’s Jobs Report Represents A Big Risk To Low Mortgage Rates

Have you been floating a mortgage rate? It may be time to lock. At 8:30 AM ET Friday, the government's Bureau of Labor Statistics will release its November Non-Farm Payrolls report. Better known as "the jobs report", the monthly Non-Farm Payrolls figures provide sector-by-sector employment data, and tally the size of the current U.S. workforce size. From these two elements, the national Unemployment Rate is derived. Since topping out at 10.2% in October 2009, the Unemployment Rate has … [Read more...]

Nov 22

Maximum FHA Loan Limits Restored To $729,750

After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750. The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA's mortgage market share, which has grown from 6% in 2007 to roughly 30% today. The change in FHA loan limits also marks the first time that FHA loan limits exceed those of conventional … [Read more...]

Nov 17

Homebuilders Getting Optimistic; Higher Home Prices Ahead?

Homebuilder confidence continues to rise. Just two months after falling to a multi-month low, the Housing Market Index surged again in November, climbing another three points to 21. It's the second straight month that the HMI posted a 3-point gain, catapulting the index to an 18-month. The Housing Market Index is monthly report from the National Association of Homebuilders. It's meant to measure confidence among the nation's homebuilders, scored on a scale of 1-100. When homebuilder confidence … [Read more...]

Nov 16

Government Releases Additional HARP Guidance For Underwater Homeowners

Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across District of Columbia and nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates. In the two-plus years since its launch, HARP's first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is … [Read more...]

Nov 02

A Simple Explanation Of The Federal Reserve Statement (November 2, 2011 Edition)

Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was nearly unanimous, with just one dissenting voter. There were 3 dissenters at each of the FOMC's last two meetings. In its press release, the Federal Reserve presented an improved outlook for the U.S. economy, noting that since its last meeting in September, there's new evidence that the economy "strengthened somewhat" in the third … [Read more...]

Oct 26

District of Columbia Posts One Year Gain in Home Values

The August 2011 Case-Shiller Index was released this week. On an monthly basis, 10 of 20 tracked markets worsened. On an annual basis, valuation degradation was worse. Only Detroit and Washington, D.C. posted higher home values in August 2011 as compared to August 2010, rising 2.7% and 0.3%, respectively. However, the index has been moving in the right direction. Since bottoming out in March of this year, the Case-Shiller Index is up nearly 4 percent. As home buyers and sellers in … [Read more...]

Oct 21

Despite 18% Contract Failure Rate, Home Resales Stay Strong

Despite fewer homes for sale nationwide, the number of home resales remains steady. According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, September's Existing Home Sales eased by 150,000 units, falling to 4.91 million units nationwide. An "existing home" is a home that's been previously occupied and, despite last month's drop, September's sales volume remains the second-highest on record since April 2011. This statistic is noteworthy … [Read more...]

Oct 19

Homebuilder Confidence Rises on Surging Sales Volume, Foot Traffic

Homebuilder confidence is rebounding sharply. Just one month after falling to a multi-month low, the Housing Market Index rebounded four points to 18 for October. It's the highest reading for the HMI since May 2010 -- the month after last year's homebuyer tax credit expiration. The Housing Market Index is published monthly by the National Association of Homebuilders and is scored on a scale of 1-100. Readings above 50 indicate favorable conditions for homebuilders. Readings below 50 … [Read more...]