When it comes to real estate in Washington DC there are many bargains out there and if you are a home buyer this is your time to shine.  The benefit of being a home buyer today are the interest rates and you can afford to be picky, depending on the property.  You may be looking at five houses or condo but which one is best for you?  Which one has the best schools, the best amenities, the best features?  Maybe two of them do, you can make offers with both and see which seller will give in more.  Today’s home buyer has the position of bargaining power.

Low mortgage rates, which are at historic lows (hovering around 4.7/8) and do not appear to be rising any time soon.  Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years.  High inventories are making home prices competitive and short sales, while they may have slowed, are still coming.

The bottom line is that it is possible to find a great real estate bargain today in the U Street and Washington DC area.  There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can. While home buyers are at the beach this summer you can take advantage and be a proactive buyer by previewing and maybe finding a wonderful home which has has gone unnoticed.

It is possible to save money at closing.  Whether you are buying a new home in the U Street area or refinancing a place you already own in Washington DC, closing costs can often make the process more expensive than expected.  When refinancing closing costs can actually get in the way of making a change a poor financial decision.  What many borrowers in Washington DC may not realize is that cutting some of the fees out at closing can happen.

When researching a new loan check with your current lender first.  Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it.  Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process. Patrick Gardner with First Savings has had a lot of success with our clients. He is a great lender to begin those initial conversations.

Find out what a lender’s fees are well ahead of closing so that you know what to expect.  By seeing the fees in writing you may also have an opportunity to do a bit of bargaining.  The better your credit rating, the more a lender will want to work with you and secure your business.

Finally, look into wrapping your closing costs, or at least a portion of them into your loan.  If it make financial sense it can save you money up front.  With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment.  Shop around and speak with a number of lenders before making your decision.

Click here to read an article from CNN Money regarding cutting costs at closing.

Congratulations to my buyers who were very successful in buying a beautiful 2 bedroom 2 1/2 bathroom house off of  U Street.  With recent updates, parking and it being a very wide and long house they were able to capitalize and buy it for $530,000.  Welcome to the neighborhood!

1601 18th St NW #306

Welcome to the Simunek Team Real Estate Blog. You can find relevant information on Real Estate in Penn Quarter and the entire Washington DC area. We help buyers and sellers in DC, VA and MD. We hope you find this site helpful and interesting to make your real estate experience more enjoyable.

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U Street Town House

Great condo alternative sold in 6 days. Enchanting 2 bedroom house, professionally landscaped back yard, separate dining room & updated kitchen & bathroom. Parking for two cars.  

The Beauregard located at 2100 11th Street NW is one block from U Street in Washington DC. The condominium has had a total of 4 sales in 2008. 1 one bedroom was listed at $635,000 and sold for $624,900 in 234 days. There were 3 two bedrooms which sold on average for $733,151 in 69 days. The list vs sold was a difference of $15,400.  There is 1 one bedroom and 1 two bedroom currently under-contract. If you are looking to buy within the U Street area, then there are 2 very nice two bedrooms condos in the Beauregard listed at $739,900 and $989,000 with over 1400 sq. feet. Paul Robertson developed the Beauregard in 2006 who has a reputation for building high end buildings with high quality workmanship. Please contact me if you have any question in regards to 2100 11th Street or any other building which might pique your interest.

Lincoln Condo

The Lincoln Condominium off of U Street located at 2004 11th Street and 2001 12th Street had a total of 11 sales in 2008. In 2008 there were 6 two bedrooms which sold. The average selling price was $427,500 with a total of 41 days on the market. List price vs. selling price was -$6,399. 5 one bedrooms sold in 2008 with the average selling price of $360,600 with an average days on market of 30 days. The List price vs. selling price was -$10,600.  Currently on the market there are 2 one bedrooms listed at $389,900 and $415,000. There is 1 two bedroom at $464,900. A 2 bedroom condo is under-contract. The Lincoln has a gym, front desk, roof deck with city views and most of the units sold have garage parking included. The U Street Cardoza Metro and all of U Street bars and clubs are only blocks away.

In the downtown area of DC there are a few places to find a Christmas tree. In and around U Street there is the Garden District located on 14th Street and S Street. In the Logan Circle – Shaw area you can find trees for sale at 9th and N Street (right next to the Giant). But if you want to find a great looking tree at a fare price, I recommend taking a trip all the way up to 6400 Wisconsin Ave. Go past Friendship Heights and before Bethesda you will find ‘Christmas Tree Growers’. I bought my 6 foot tree there for $39.00. Not bad.

Please call me if you are looking to rent a room or a house for the upcoming inauguration on January 20th. Feel free to contact me with inquiries at 202-550-9666.