DC Open Doors Program
DC Open Doors Program offers first-time and repeat home buyers a Down Payment Assistance Loan that does not need to be paid back.

DC’s Housing Finance Agency, or the DCHFA, reconfigured its DC Bonds program called “DC Open Doors,” for new first time home buyer assistance, four years ago this summer. The program, which has given over $200 million in down payments for homes in the city, is now even more accessible. Those working in DC who want to live downtown but have trouble making the down payment can utilize this program.

The program and its funding are available to first time home buyers and repeat home buyers. The DC Open Doors Program is constructed around what’s called a “Down Payment Assistance Loan,” one that doesn’t have to be paid back.…

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The pros and cons of the Federal Housing Administration (FHA) loan.

At times homebuying can get overwhelming, especially when it comes to loans. We’re here to make things easier for you by sharing the pros and cons of FHA loans.

FHA loans are government insured loans from the Federal Housing Administration. This means FHA guarantees your loan but doesn’t actually lend out the money. When you take out loans, they need to be with FHA approved lenders. Some benefits of FHA loans include less down payment required, more forgiving debt to income ratio and less restrictions on bankruptcy and foreclosure.

One of the main advantages of an FHA loan is that a very large down payment is unnecessary. Loans can be as low as 3.5 percent, which is great for…

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The District of Columbia Association of REALTORS®(DCAR) announced the First-Time Homebuyer Tax Benefit has been passed and funded by the DC Council. The First-Time Homebuyer Tax Benefit allows first time home buyers in DC to pay a .725% recordation tax on homes no more than $625,000 that earn less that 180% AMI beginning this October.

So what exactly does that mean?

First let’s talk about the recordation tax. Recordation tax is part of various closing costs and based on the purchase price. If the sale price is $399,999 or less than the DC transfer and recordation tax rate is 1.1%. Sales of $400,000 and above are taxed at the rate of 1.45%. For example, if you bought a $250,000 home in DC, the buyer and seller would each pay $2,750 in DC transfer…

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We made some significant changes recently and wanted to make sure that you were the first to know! The biggest news is that Rock Creek Realty is now Capital Park Realty. In August we changed the name of the brokerage as part of our plans to provide the best real estate services in the area. Along with the name change, we also updated our website and added a number of mobile-friendly features. Finally, the format of the monthly newsletter has been modified to provide you with the most interesting and up to date information about the DC area real estate market. 

Neighborhood Spotlight - Petworth

Until recently Petworth was considered too far out for buyers looking for a walkable lifestyle. The “walkability” of Petworth has improved substantial in the…

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August often brings a slight decline in sales activity in Washington, DC. It is a prime vacation month for area residents as they seek to escape the District for cooler climates, beaches, and mountains. Congress is also out of session which means thousands of DC residents have more leisure time to take these vacations. As such, fewer people are looking to buy than there were earlier in the summer and spring. It also means fewer listings normally appear on the market than in other warmer months of the year. However, the good news is that so far this summer there are more listings on the market than there were a year ago in Washington, DC. The challenge in 2014 is that the median sales price has gone up, and this may account for the fact that the number of…

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The good news is that DC is steadily becoming a more pleasant and accessible place to live. The challenge for hopeful buyers is that prices aren’t where they used to be, even a year ago. The process of urban renewal in the nation's capital has become a self-fueling engine. As more people move back to the District, it inevitably leads to increased demand for local businesses and services. The demand encourages the revitalization of commercial corridors and supports a broader base of cultural, dining, and retail options. In a basic sense, more people equals a more vibrant and eclectic city. The city's build out of the Metro and bus systems along with the wild success of the Capital Bikeshare Program has created a more accessible and useful public…

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Space is becoming more and more of a premium in DC, and the trends we’re seeing as spring turns into summer are certainly reflecting that. It’s a seller’s market in the District as prices continue to climb while the number of available properties have not risen to meet demand.

The biggest example of the lack of space is the spread of pop-ups throughout Washington, DC. These renovated townhouses are 40 to 65 feet in height, often rising high above the two-story houses next to them. The benefit of such properties is that it allows two or three units within a single 4-6 story structure, and uses available vertical space to its fullest. Often these pop-ups replace blighted structures or even vacant lots, helping to bring more housing stock to neighborhoods…

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If you're looking to make a purchase in DC's current real estate climate, the most important thing to keep in mind is that you're buying into an appreciating market. What that boils down to is that you're going to be paying more than someone else did for a similar property even just a few months ago. The sooner a buyer wraps their mind around the idea that they will very likely be paying more than the most recent comparable sales, the sooner they'll be making offers that have a reasonable chance of being accepted.

Buyers should keep in mind that not only does price make their offer competitive, but contract terms are also very important. Being flexible on the settlement date, allowing the seller some extra time to move, conducting a home inspection for…

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Spring in the Nation’s Capital brings two certainties: cherry blossoms and more listings showing up on the real estate market. It has been quite the seller’s market over the winter, with a high demand and low supply of properties in the DC area. The sales price to original asking price is close to 100% right now. While we don’t foresee it turning into a buyer’s market anytime soon, there will be more listings coming available throughout the spring and summer.

Most well priced listings are seeing multiple offers. More often than not, the winning offer is above the seller’s asking price with very few, if any, contingencies. It’s commonplace in DC for purchasers to accept the property “as-is,” and many buyers are choosing to waive any financing,…

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It’s a very good time to own a home in the nation’s capital! Homeowners are enjoying their fourth straight year of rising values. Sales continue at a brisk pace with demand outweighing supply. The government sequester never seemed to put much of a dent in demand. Potential buyers eager to take advantage of low interest rates and an appreciating real estate market are facing stiff competition. 

Most listings are seeing multiple offers. More often than not, the winning offer is above the seller’s asking price with very few, if any, contingencies. It’s commonplace in DC for purchasers to accept the property “as-is,” and many buyers are choosing to waive any financing or appraisal contingencies to sway the seller in their direction. Some neighborhoods…

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