December 19, 2019

Tax Relief for DC Homeowners

When you buy a home in the District, you will have to pay property taxes along with your mortgage and homeowner’s insurance. As parts of DC quickly develop and housing values shoot up, property taxes may rise just as quickly, creating a greater monetary outlay than what new homeowners initially planned for. Luckily, DC has a few ways to lower the tax burden. All Owner-Occupants are Eligible for the Homestead Deduction Homeowners in DC can file an application with the Office of Tax and Revenue for a Homestead Deduction. The primary benefit of the deduction is to bring down the […]
December 13, 2019

The Biggest Changes Coming in 2020 Real Estate—and What Buyers and Sellers Need to Do

Ten years ago, many homeowners were desperately hoping to hang on to their homes. Others were doing everything they could just to scare up potential buyers. Meanwhile, said buyers were struggling to get financing from newly skittish lenders. Ah, memories. What a difference a decade makes! It has, in fact, been the most consequential stretch in American real estate history, one that has fundamentally altered the landscape. Cosmopolitan coastal cities are out; affordable midsize cities are in. Baby boomers and Gen Xers are no longer the dominant forces in buying, ceding that turf to millennials. Yet after all this time, […]
December 4, 2019

Red Flags Revealed During a Home Inspection

Home inspections are one of the more important aspects of the home buying process, and a thorough inspection may occasionally reveal problems that are severe enough to seriously concern a future owner. We wanted to run down a few potential inspection findings that should raise serious red flags. The following are a list of possible issues: Structural damage (usually determined by noting cracks in plaster, visibly shifted floors, doors, or windows; visibly shifted brick on the exterior, etc.) may require underpinning to the tune of $25,000-250,000 Water intrusion and grading problems (usually noted with visible water stains, visible presence or […]
November 20, 2019

How Much Cash Do You Need to Buy a House?

In this post, we provide a brief outline of some of the up-front costs associated with buying a home. Here’s a rundown of the outlays. Earnest Money Deposit After making an offer and coming to an agreement with the home seller, a buyer is generally expected to pay 1 to 3 percent of the purchase price immediately. This earnest money deposit is held until the closing when it becomes part of the down payment. If the buyer backs out of the deal unexpectedly, the seller keeps the money. If the deal falls through due to a contingency that was previously […]
November 13, 2019

10 Ways To Tell If a Home Renovation is Well Done

DC’s housing market is full of houses and condos that have been recently renovated by developers. The quality of these renovations varies greatly, and we wondered if there was a way for house hunters to tell the good renovations from the bad. Martin Ditto has done his share of renovations while developing houses and multi-family buildings through his company Ditto Residential, and he gave us a few pointers. These tips are not foolproof: a home may have fancy appliances but shoddy workmanship where it counts, or be well done throughout but have mid-grade fixtures. Still, here are ten tips that […]
June 6, 2017

Central Properties Announces Second Art Show Featuring Paintings by Local Artist

Central Properties is kicking off summer with the second installment of the Central Artist Series: Local, Emerging, Vibrant Art Show featuring the work of local artist, Paula Checkosky. Paula’s work graces the walls of Central Properties following the work of fellow abstract artist, Bradley Gay. The Art Show will take place on Thursday, June 22nd from 5:30-7:30 at Central Properties, located at 1353 V Street NW. There will be appetizers, libations, and a chance to meet the artist and mingle with other art enthusiasts. The event is free and open to the public. The Central Artist Series began with the […]
May 10, 2017

Why Bother with Buyers?

Why be concerned about buyers in a sellers’ market? Two reasons: Today’s buyers become tomorrow’s sellers and, clients and customers are more willing to share a “bad” experience with others looking to buy or sell. Recently, I came across an article from a year ago, 3 Tips for Homebuyers in a Fast-Paced Real Estate Market by Andrew Fortune. It helps focusing on what needs to be done in a market like the one we have today. The first two tips – “Set up instant property alerts,” and “Move fast” are hallmarks of all of you seasoned agents. The third tip […]
December 24, 2016

How to Get Your Credit Report Ready for a Mortgage Application

When you apply for a mortgage, every point in your credit score matters. With DC real estate prices, even a small increase in your interest rate can cost you tens or hundreds of thousands of dollars. Here’s what you need to do to polish your credit report to get the best score and interest rate possible. Review Your Credit Reports as Soon as Possible Review your credit reports well in advance of when you plan to apply for a mortgage so you have time to fix any errors. Common errors include the credit bureau mixing up consumers with similar names […]