Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
Surveys show that approximately 75% of Capitol Hill real estate sales are from repeat buyers and/or investors who are the primary purchasers of homes, versus first time buyers who represent the primary purchasers in 25% of the markets surveyed. Why are first time home buyers finding it a challenge to purchase Capitol Hill real estate?
It should be the best time in the world for first-time home buyers. Lower housing prices and the lowest mortgage rates in years (yes they are rising but are still very low) make home ownership more affordable than it's been in decades, said the National Association of Realtors (NAR) in January 2013.
However, first time home buyers are having difficulty competing with investors and repeat buyers of Capitol Hill real estate who generally have larger down payments or all cash purchases. Most home buyers, especially first-time home buyers, need a mortgage, inspection, appraisal and title insurance -- and sellers aren't interested in jumping through those hoops when they don't have to.
Serious first time buyers of Capitol Hill real estate need a full service Realtor, like Michelle Buckman, to help them secure a Capitol Hill home. Quite honestly, using national discount brokerages or trying to “do-it-yourself” is not going to get first time home buyers the Capitol Hill real estate they want. Michelle Buckman Realtor has decades of experience in Capitol Hill real estate, and she knows the strategies needed to help first time home buyers of Capitol hill real estate to secure the home the home of their dreams. For more information on Capitol Hill real estate, please contact Michelle Buckman Realtor.