DC First Time Homebuyer's Tax Credit Renewed for 2012?u wait until the new year to make a home purchase thinking that the D.C. First Time Homebuyer Tax Credit would be renewed

Did you wait until the new year to make a home purchase thinking that the D.C. First Time Homebuyer Tax Credit would be renewed yet again? You may have to wait until the end of 2012 to find out. Word to cooldcre from the office of Eleanor Holmes Norton this morning indicates that the popular credit has not yet been renewed for 2012.

The $5,000 credit had not expired since taking effect in 1997. It was renewed as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Persons earning less than $90K were eligible for tax relief and those married and filing jointly took advantage of the $130K cap.

UPDATE: A call was just received from Congresswoman Norton's office indicating that they are still fighting for the tax credit, which historically has been made retroactive (sometimes at the end of a calendar year). This year it is part of a large tax extender package that hasn't moved yet.

http://www.susanisaacsre.com/cooldcre-real-estate-blog.html

If you like woods, you'd love Forest Hills. And if you like to be near great restaurants, book stores and other fun, you'll really like Forest Hills. It's a neighborhood just north of the Van Ness Metro station east of Connecticut Avenue.

The homes in this neighborhood are quite spectacular. One even has it's own ballroom!

Here is the basic sales data comparing 2011 with the prior year:ore homes sold in 2010:

More homes sold in 2011, and they sold in much less time than in 2010. But the prices tended to be lower.

The 2010 average may have been skewed a bit by the sale of one very large estate, but the median price also fell by $62,500.

Did your home increase or decrease in value? Looking at the average and median prices give you an idea of market trends, but they may just mean that fewer very high end homes sold last year. To get an answer, you really need a market analysis prepared by a real estate professional.

Whatever the numbers are doing, it is a wonderful neighborhood with a great deal to offer. If prices are down, it is a great opportunity to buy something now that is likely to increase in value as the market begins to recover.

There are eight homes currently on the market, and if you are looking for an upper brackets home, you could find something beautiful that is an excellent value.

If you are planning a move to or from the Washington, DC area, I can help! I am licensed in the District of Columbia, Maryland and Virginia. You may call, email or text me at:

Housepat@mac.com, 202-549-5167

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Crestwood is where I live. It's surrounded on three sides by Rock Creek Park, and about two and a half miles north of the White House. So it's downtown, but it has just a bit of a suburban feel to it.

The housing stock here is pretty eclectic. There are Wardman style row houses off 16th Street. As you go further west, there are mostly detached homes, some quite spectacular. And not surprisingly, the wide range of sales prices reflect this. Here are the numbers for 2011, as compared to 2010:

Last year, the number of homes that sold increased from 18 in 2010 to 29. And the homes that did sell took less timer to attract offers, down from 110 to 78 days on the market. The high, low and average prices for 2011 were higher than those in 2010, but the median took a bit of a dive.

Compared to some other neighborhoods in Upper Northwest DC, Crestwood did not see significant price gains. But that could be a market adjustment to reflect the steep price increases during the bubble years.

Currently there is very little inventory - only four homes are currently for sale. This is the smallest number I've seen in three decades of selling real estate in this neighborhood. If you'd like more information about homes in Crestwood, please contact me.

If you are planning a move to or from the Washington, DC area, I can help! I am licensed in the District of Columbia, Maryland and Virginia. You may call, email or text me at:

Housepat@mac.com, 202-549-5167

SEARCH ALL LISTINGS IN THE DC METRO AREA

CHECK OUT MY LATEST BLOG IN THE WASHINGTON POST!

Cleveland Park is a neighborhood in the shadow of the National Cathedral with many wonderful old historic homes. There are huge old Queen Ann and Victorian mansions and not so huge Wardman style town houses. And like many parts of the District of Columbia, the market looks pretty darned great! Here are the basics:

Last year, the number of homes that sold decreased from 38 in 2010 to 34. And the homes that did sell took longer to attract offers. But once the offers came in, all of the price numbers increased. There were higher highs and higher lows! The average and median prices were also higher than in 2010.

Cleveland Park is a special neighborhood. It started out as "the country", where people came for cool summer air so they could get away from the sweltering heat. It was Grover Cleveland's equivalent of Camp David - the Summer White House.(It's since been torn down!)

There are amazing restaurants. There is a Metro stop to take the residents to work. And the neighborhood has a bit of a WOW factor.

There are currently five wonderful homes for sale in Cleveland Park. If you'd like more information on any of them, please contact me!

If you are planning a move to or from the Washington, DC area, I can help! I am licensed in the District of Columbia, Maryland and Virginia. You may call, email or text me at:

Housepat@mac.com, 202-549-5167

SEARCH ALL LISTINGS IN THE DC METRO AREA

CHECK OUT MY LATEST BLOG IN THE WASHINGTON POST!

Becoming the Millionaire Next Door

Ten years ago my husband and I hired an electrician to fix a simple problem in our home. He was a nice, unassuming guy in his late 50’s, and the more we talked with him, the more we liked him. It was during this conversation that he told us a story about his life that has inspired me to this day.

When “John” was a young man of 28, he bought his first DC property. It was a small home in a decent area. He got a roommate who paid ½ of the mortgage and he was able to save quite a bit of money. The next year, he stumbled upon a good deal on another house. He bought it, found good tenants who paid the mortgage each month, and even had a little positive cash flow. After giving the situation some thought, he came up with a plan that he followed to the letter.

Each year for the next 29 years he purchased a small, affordable home in a decent neighborhood and rented it out. His plan was to begin selling the homes once they were paid off – that was how he would fund his retirement. When we met John, he had just sold the first home he had bought thirty years before. He owned it free and clear and it was worth four times what he had paid for it. He planned to repeat this process over the next 29 years, selling his properties one by one. Wow! What a simple plan – but one that would provide him with financial freedom for the rest of his life.

I’m not suggesting that buying 30 houses is possible for most people in today’s financing environment. But this is a fantastic time to buy an investment property if you qualify, as interest rates are extremely low and the DC area has homes in every price point. After an initial investment, the tenant pays for the property, while you reap the benefits. It doesn’t get any better than that!

Your Washington DC Realtor

I love living, working and playing in the Washington DC area and will be a true advocate for you before, during, and after your home purchase. Whether you are looking at a home, rowhouse or luxury condo anywhere in the DC real estate area, you can be sure your needs will be met and your requirements for a home taken as my top priority. It really pays to have someone who knows the area.

Not only do I represent buyers and sellers of DC Property, but I also represent MD Real Estate and Virginia Real Estate as well. I am your exclusive Long and Foster Real Estate Professional. Click here to learn more about me. Originally posted here : http://www.wheretoliveindc.com/blog/becoming-millionaire-next-door/