Washington, DC, the nation’s real estate and mortgage markets
Washington, DC is not just the center of the US’ government, but in many ways the nation’s real estate and mortgage markets too. It is here where policy is made, and some of the most famous real estate in the country can be found. So what does it cost to live here, and who is, and isn’t finding access to mortgage credit for buying and refinancing housing in the District of Columbia?
Often referred to simply just as ‘the District,” DC is headquarters for all branches of the US government, and is home to the White House. What most might not realize that for as expensive as housing can be in Washington DC, it is also an extremely diverse area. According to Wikipedia and the US Census Bureau; DC has had higher per capita income levels than any of the 50 states, yet also has the highest percentage of poverty, with the exception of Mississippi.
As of 2011 the Washington Metropolitan area was the 4th largest metro economy in the US with a GDP of $425B, yet had one of the highest unemployment rates, at just under 10% according to the US Bureau of Labor Statistics.
Washington DC Real Estate Statistics and Trends
The District is also home to Ben Bernanke and the head offices of the National Association of Realtors. NAR has apparently had no shortage of access to funding for building its new landmark green central office building. The same can’t be said for former head of the nation’s finances Ben Bernanke who recently revealed he was unable to qualify for a home loan to refinance his DC residence.
According to Popville Capitol Hill real estate market statistics as of October 12th, 2014 showed average prices reached $935,355, with the average price per square foot at $532
According to the Greater Capital Area Association of Realtors (GCAAR) notable stats include:
- A 200% spike in homes sales priced between $150k and $200k in September 2014
- Pending sales under contract rose 3.2% y-o-y to Sept. 2014
- Listing inventory rose year over year, by 7.4% for single family homes
For real estate investors it is also important to note that many Capitol Hill area workers commute from a wider area including VA and MD.
Washington, DC Mortgages and Rental Property Loans
When it comes to purchasing and refinancing personal residences Ben Bernanke hasn’t been the only one struggling to find a mortgage. The National Association of Builders (NAHB), reports that 83% of builders lost sales in the 6 months to October 2014 due to overly tight credit. The NAHB Chief Economist estimates this at around 18,700 lost transactions during the period.
Fortunately the opposite appears to be true for real estate investors seeking rental property loans. Bullish on income producing property, continued appreciation and improving fundamentals in the US rental property market has made mortgage financing for rental properties incredibly easy to find as of 2014.
Rental Home Financing now offers easy access to bulk financing for both single family rental investment properties and loans for apartment buildings
These loans offer virtually no limit on loan size, with attractive loan-to-values, competitive investment mortgage interest rates, and expanded approvals for foreign national, credit challenged and other property investors.
Find out more about these new rental property loans now…
DC Real Estate Resources
Landlord & Real Estate Law in Washington, DC:
- Washington DC Municipal Regulations and Register
- District of Columbia - Real Estate Commission - Pearson VUE
- Department of Consumer and Regulatory Affairs: dcra
Investment Real Estate for sale by the District of Columbia
- DC Surplus Property Auction - Surplus Property Division
- DC Federal Surplus Property Program
- Washington DC - Public Surplus: Government Surplus
USDA-RD and USDA-FSA.
Government owned Multi Family Housing may be for sale by the USDA-RD and USDA-FSA. To see if there are any RD/FSA rental properties for sale in DC,CLICK HERE
Contact us today to help finance your Alabama investment property portfolio.
More than just a leading U.S. Blanket Mortgage Lender, Rental Home Financing is your partner for long term wealth building and cash flow generation. We’re invested in your long term success.
Contact us today and experience a refreshing new approach to financing investments…
Call today for more information: 888-375-7977 or CLICK HERE