The House Appropriations Committee approved a bill to extend the temporary conforming loan limits in high-cost housing markets through the end of September 2010. A conforming loan is one that meets the standards of loan guidelines of Freddie Mac and Fannie Mae. Right now the conforming loan limit in certain high-cost areas of the U.S. have a cap of $729,750, depending on location. The cap is 125% of the area median home price. This is great news for the DC Metro area; as this keeps many home buyers from needing to take out a Jumbo mortgages; which typically has a much higher interest rate than a conforming loan.
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
As my last post said - the Real Estate market is go
ing strong in Washington DC. Now I don't want people who read this think it's all roses here - or that anything will sell - that is simply NOT true.
But what the data shows is that the market in DC - is going pretty darn good.
The facts (June 2009 vs June 2008):
In Washington DC as a whole:
- The total homes sold was up 11.27%
- Median Sold Price was down only a small bit -1.67%
Now some areas are of DC are seeing much larger gains.
Georgetown area (zip code 20007):
- The total homes sold was up 15.56%
- Median Sold Price was UP 5.92%
and other areas are selling - just at lower prices.
NE DC- Trinidad/Brentwood (20002):
- The total homes sold UP 72.73%
- Median Price way down -18.73%
The other important fact: The Inventory of homes on the market has fallen to a 5.7 month inventory. What the summer will bring is yet to be seen; but as long as sellers keep their prices in line - the buyers are willing to buy.
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
I have mentioned this before - and it is still happening. Now don't get me wrong - not every home has multiple offers; nor do I ever want to see that again!
Just yesterday my team had an offer which we lost in multiple offers. Ours was a full-price, all cash offer. The other two - fought to OVER list price.
Now this was a lovely single family home in NW DC; not a perfect home; but a well-priced - in good condition home that was in a popular neighborhood and close to Metro. Lot's of positives with this home. Sadly; it won't be out clients who get to live there.
It just goes to show - in the right neighborhoods, at the right price, in good condition - homes sell and sell FAST (this was on less than a week).
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 20016
One of my "annoyances" is that many Real Estate agents use the cheap combination lockboxes, instead of the more expensive (and much more secure) electronic lockboxes. My feeling is the electronic lockboxes keep track of who entered when and that only folks who SHOULD have access CAN have access.
The other silly thing is that some agents all use the same combo codes. Not very "secure" if you ask me!
So last night; I was out very late showing properties to a client. SHe wanted to take a 2nd look at a place - since we were right in the neighborhood. We pulled up and DANG - a combo box. I called the Showing Service; whom had the combination to the vacant home - they were closed for the night. Damn.
Well; it WAS a silly Combo box. ON a hunch I tried one of the very common 3 letter combinations. BINGO. The lock pops open and I was able to show the client the condo (and I think she is going to buy it!).
OK; so this may have good for me and my buyer - but having a combo box that everyone in the city knows the combo - not so good.
When will they ever learn?
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
In Washington DC; we do love tourists. Many of us will will even point that lost tourist (you know the one with the huge map trying to find Chinatown) - in the right direction. However - we do have our pet peeves....
Now I am also not really sure "when" 'Tourist Season' is in DC? Between Inauguration, The Cherry Blossom Festival, High School student trips and sumer vacation - who knows? But in honor of the last vacations of summer... here is my:
TOP TEN THINGS TOURISTS DO IN DC - THAT DRIVE US CRAZY !
10. We use US Dollars only; please put away your Euros, Yen and British pounds. Just because it's worth more does not mean Starbucks will accept them.
9. It's JUST a Motorcade. No need to stop in the middle of the sidewalk to stare. They pass by all the time.
8. Don't whine to me that your car got towed. You need to read the 14 different parking signs up on that post! I know they don't make sense - welcome to DC.
7. Just because your license plate is from that state between here and California, does not mean you get to stop in the middle of the street.
6. Do us all a favor - DO NOT attempt to drive around Dupont Circle. It is for professionals only. Why else would we put 3 sets of traffic lights there?
5. It's JUST a subway. Lot's of cities have them. Ours is just cleaner, more expensive and broken down more.
4. If you can't parallel park - this is not the place to practice.
3. Not even tourists are allowed to talk on their cell phones while driving. Get off and drive!
2. If you don't know how to use the subway - don't ride at Rush Hour! STAND TO THE RIGHT!
and the #1 thing that Tourists do to drive us crazy in DC....
1. Yes, People actually do live and work here - the sidewalks are not 3 strollers Wide..... Please let us get to where we need to go !
(This is all to be taken with a small human trait known as Humor. If you are offended; you probably need to switch to decaf).
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
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Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
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