If you’re looking to buy a home in Washington DC, you’re probably wondering what you can expect. And there’s no better way to find out than by talking to someone who’s already been through it! Here are some things home buyers in Washington DC should know.
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Washington DC is a very expensive place to live
Washington DC is a very expensive place to live. Before you purchase a property, keep in mind that the cost of living in DC is high. That shows in the median home price ($549,000) and median rent ($3,600 per month). This is due to the fact more people want to live here than there are homes available.
The average household income in Washington DC is $93,000 per year. The average home value in the District has grown steadily over time but still sits below $1 million at just under $1.5 million according to Zillow’s estimates.
There’s a lot of competition out there and homes are not as big as they appear
If you’re moving to Washington DC, you should be aware that homes are much smaller than they appear. This is because of the density of the city and its proximity to so many other places. Homes are expensive because of this density, and therefore require more money per square foot than other parts of the country do.
However, if you’re looking for a place to live in DC, there are many options available. As long as you know what to look for, it won’t be hard to find something that works for you.
There are a lot of people looking for homes in DC. And not just any home, but the one that’s perfect for them and their family. For home buyers in Washington DC, the competition can be intense, especially if you want to live in an area that is popular with other buyers as well. So, it’s a good idea for home buyers in Washington DC to prepare financially before making a purchase. It’s important to keep this in mind when searching for your dream house: there are going to be lots of other people looking for houses like yours!
Buyers’ agent fees are negotiable
Buying a home is a huge decision, one that can be overwhelming for even the most prepared buyer. The good news is that there are many resources available to help you get started on your search and make sure you know what to expect as you go through this process. One of these resources is an experienced real estate agent who represents the seller’s interests (a “buyers’ agent”).
A buyers’ agent can help educate you about market conditions in Washington DC and determine if now is a good time for you to buy a home there. They’ll also guide you through the steps of finding and buying a property like:
- determining what kind of house or apartment meets your needs
- finding out its selling price
- negotiating with sellers over any issues regarding price or repairs needed before closing day
- keeping track of important deadlines like inspection dates as well as loan approval requirements from banks/lenders
It’s a seller’s market right now
Right now, it’s a seller’s market in Washington DC. The average home price is rising as inventory remains low and homes are selling quickly. In fact, the number of days a home stays on the market has decreased by almost half since 2012. And more buyers are paying above the asking price – the highest percentage since 2007!
The good news is that the housing market in Washington DC is recovering. The bad news is that home prices are rising faster than income, which means it’s more important than ever to have a great mortgage broker on your side!
Many neighborhoods don’t allow short-term rentals and leases
Many neighborhoods don’t allow short-term rentals and leases, especially in the CBD and Georgetown neighborhoods. If you rent out your entire house for more than 30 days at a time, you may need to get special permission from your landlord or condo association.
In some cases, homeowners can apply for an exemption from rental restrictions if they live on site as well as rent out their property occasionally (such as when away on vacation).
Plan ahead when looking for housing in DC
If you’re planning to buy a home in Washington DC, you should also plan your moving process. According to experts from Excalibur Moving and Storage Washington DC, you might want to prepare a budget for this in advance. Buying a home is not a simple process, so you should make sure to prepare for all the upcoming costs. Home buyers in Washington DC should be aware of the following:
The cost of living is high
You’ll have to be prepared to spend more money than you would in other cities on everything from groceries and utilities to housing costs. It’s not uncommon for families who move here to find that their salaries don’t go as far as they thought they would. This can make it difficult for them to save up enough money for a down payment on their dream home.
Homes are smaller than they appear in pictures or videos
Many real estate agents will show off huge houses with spacious rooms and lots of natural light streaming through large windows when trying to sell homes online. However, once buyers actually step inside these properties, it becomes clear just how small these spaces really are. If you decided to move to Washington DC, you can make your move easier by purchasing a home that is within your budget.
If you’re looking to buy a home in Washington DC, we hope that this article has been helpful. We’ve covered a lot of ground here, from the cost of living and housing options to what kind of agent you need and how much their services will cost. For home buyers in Washington DC who are considering buying property in the District, it’s important to do the research first. This way, you’ll know what kind of neighborhood would work best for your family’s needs.