916 G St NW-lr

The DC real estate market has been hot for years but 2018 is proving to be unique. Inventory is low, multiple offers are still a reality and most listings are under contract in 7 days or less. Interested in buying but have no idea where to start? I’ve pulled together a cheat sheet for you.

Talk to a lender. Besides finding the place you want to buy, choosing a lender is the most important step in purchasing. Obtaining a loan is difficult. Your credit has to be good. You debt to income ratio has to be just right. Lenders need reams of documentation. Stay away from the big banks. Work with someone who’s local and knows the market. Once you’ve spoken to a lender and they have all the info they need (bank statements, salary stubs, financial records, your credit score. it’s invasive. get ready.) you’re pre-qualified and ready to start searching.

Find a property. While searching online is the place most people start, photos can only tell you so much. Visit properties. See as many properties as you can to see what appeals to you. The search can take a day or several months.

Make an offer. Once you find a property you love, write an offer. The DC market is competitive which means you’ll need to make quick decisions. If a listing is priced well, looks good and is in a desirable location, it’s going under contract in 1-7 days and often has multiple offers.

Execute the paperwork. After your offer has been reviewed and ratified, the contract is sent to the lender and the title company. The title company reviews the title work. Their job is to make sure the property is delivered with a clear title. The lender starts processing your loan and orders the appraisal.

Fulfill the contingencies (if there are any). With the increase in multiple offers, contingencies have been on the decline. If the sellers accept an appraisal, financing or home inspection contingency, fulfill them. If it goes smoothly, you head to closing.

Execute the final reviews. Before closing, you do a final walk through to see if the property is still in good shape. You will also review the CD (the closing document) 3 days before closing to make sure all your fees are correct. If everything is in order, you sign the documents at the closing table.

Complete the documents. Once all the documents are signed, you’re a homeowner! Congratulations!

The entire process: making an offer; its acceptance, ratification, expiration of any contingencies to closing usually takes 25-45 days. The days till closing starts the day you submit the offer to the listing agent. The new norm for closing is 25 days in competitive situations. If it’s not competitive, expect closing in 30-45 days.

A few definitions: Ratification means when all parties (the seller and buyer) agree to the terms of the contract. There are lots of variables to an offer. All terms stated in the contract are negotiable points: the price, the closing date, how many days you have for your home inspection, financing contingency and appraisal contingencies. Once ALL negotiating points have been agreed upon, the contract is ratified.

Contingencies are a fulfillment of a condition. There are 3 contingencies that are normally used in a contract that protect the buyer: the home inspection, financing and appraisal contingencies. All 3 of these contingencies have to be met before you can close on a property if they’re included in the contract. There are different reasons to have these contingencies. Essentially, they protect the buyer from losing their earnest money deposit. As I mentioned above, contingencies are used less frequently as the market become more competitive.

An  earnest money deposit (EMD) is the deposit that the brokerage or title company holds in an escrow account. It goes towards your closing costs. The earnest money deposit is usually 3-5% of the offer price. It’s not deposited into the escrow account until the contract is ratified. If the contract is not ratified, the EMD monies are returned to you.

Closing costs in DC run about 3% of the purchase price. The two biggest costs covered by the 3% is the title insurance and the recordation tax that goes to DC Gov. This tax is 1.45% of the purchase price over 400K and 1.1% of the purchase price under 400K. Until October 2018, DC passed a first time home buyers tax break and the recordation fee is .0725% if you qualify for the program.

While  buying a home can be a stressful, the end result is worth it.  You own a home!  2018 is shaping up to be a wonderful time to buy while interest rates remain low and the first time home buyers tax break is in effect. Ready to buy this year? Contact me via phone or email: jen@dcreresidential.com/202-285-4238 and we’ll get started!

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dcwise.rb.husinvitefinal650

Please join DC Wise for our Georgetown Shopping Event on April 26th from 6-8:30 pm. It’s the first fundraiser in 2018 and we’re super excited that rag & bone AND hu’s shoes | hu’s wear are participating. Bubbles, bites and shopping is never a bad combo, right?

 

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Congratulations to my client on the sale of her condo! I represented the seller and we got it under contract in 4 days. The Spring market has officially sprung.

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915 E St lr1

915 E St. NW #514

720 sf | 497.47 monthly condo fee

list price | $448,000

Gorgeous condo in great location: steps to museums, restaurants, the Mall, Capital One Center, & 3 metro stops! New hrdwd flrs, new paint, ss appliances & granite counter tops in kitchen, dual entry bathroom, full size w/d, WIC in the bedroom & balcony overlooking courtyard. Building amenities: 24 hr concierge, gym, party room & roof deck. Pet friendly. Rental parking in building -$300 a month. For more photos, check out the virtual tour.

Open this weekend from 1-4pm on Sunday. Stop by!

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616 E 810 lr.kit

616 E St, NW #810
Washington, DC 20003
686 sf
rent | $2250
Freshly painted 1 bedroom condo overlooking 7th St., open floor plan, new hardwood floors, granite countertops, balcony off the bedroom, w/d in unit.Building amenities: 24 hr front desk, bus center, movie room, gym, rooftop w/ gas grills & pool. Rental parking available. No pets or smokers. 93 walk score. Mins to Penn Quarter restaurants/retail, National Mall & Gallery Place-China Metro. (grn, red, yellow lines)
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3024 Wis lr1

3024 Wisconsin Ave, NW #203

1 bed | 1 bath with parking

list price | $315,000

Sunny 1 bedroom condo with hardwood floors with hardwood floors, an open floor plan, renovated kitchen with stainless steel appliances, granite counter tops, a wine refrigerator, built in bookshelves, custom storage in the bedroom, and parking. 600 square feet, $407 monthly condo fee. Pet friendly with a private dog park/common area. Minutes to Glover Park/Cathedral Heights restaurants and retail. For more photos, check out the virtual tour. Open Sunday Feb. 11th from 1-4pm.

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city sunset

Why hello there and happy 2018! It’s been a while, right? Despite the freezing temperatures, I’ve been kicking around town. I went to dinner at my friends place. (Amazing view from their condo, right?)

mo

Saw some shows at the 9:30 Club. (this was Mø & Cashmere Cat. Loved Mø. Think I’m way too old to appreciate Cashmere Cat. Lesson learned).

tile cork

Drank espresso and grabbed snacks for a cheese and charcuterie plate at the newly revamped Cork Restaurant & Market (which is so damn cute it’s unreal and I really, really love this tile).

gaslight

Checked out Gaslight Tavern, the latest bar/restaurant in the ‘hood. It opened Monday. I read about it a couple of weeks ago and since it was my Mr.’s birthday, it seemed like an opportune time to give it a peek.

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#2 lr2 2120 Ver

2120 Vermont Ave, NW #2
Washington, DC 20001
1 bed | 1 ba   685 sf
$2200
Freshly painted 1 bedroom, 1 bath condo with an open floor plan, hardwood floors, stainless steel appliances (all new within last 2 years), granite counter tops, updated bathroom, new carpet in the bedroom, w/d in unit. Floor to ceiling windows in the bedroom, walk in closet. 3 blocks to U St. Metro, restaurants and retail. Building amenities include gym and roof deck with a gas grill. No pets. Parking not included in price but usually available for $100-$150 a month in building garage. Tenant responsible for electricity, cable, internet. Available immediately. For more photos, check out the virtual tour. 
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Happy New Year!!!

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happy holidays!

Jen_Holiday_client2017

Wishing you and yours a joyful holiday season!

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dc wise invite 2017 you're invited750

After months and months of planning, the DC Wise 4th Annual Cocktails + Silent Auction is tonight! The auction site is already live and we have some incredible items this year.

I know some of you can’t make it but no worries! You can still donate. It’s 100% tax deductible.

If you’re attending tonight, I can’t thank you enough for supporting us.

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1401 ch lr1401 Church St., NW #418

2 bedroom | 2 bath with garage parking & storage

list price | $950,000

Loft living in Logan Circle! Sunny 2 bedroom, 2 bath condo with hardwood floors, an open floor plan, 12′ ceilings, exposed duct work and floor to ceiling windows. The kitchen features Scovolini cabinets, granite countertops, glass backsplash and stainless steel Kitchen Aid and Bosch appliances. Roller shades in all windows are electric, surround sound speakers, and a balconies overlooking Church St. Garage parking and storage also included. For the virtual tour, click here. 24 hour notice needed to view unit.

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