5 Unboring Questions & Answers with Saydam Properties Group
I hear the market is getting better. Is that true?
From January until July, we experienced multiple offers on almost every single property bought or sold. In DC, Arlington, Alexandria, and southern Montgomery County, MD, it wasn't uncommon for 10 or more buyers to be competing on a single property. With quite a few more homes going on the market, we're finally seeing prices steadying. Interest rates are super slow -- having gone down again this week to a new low of 4.08%. All in all, this means a more balanced market, where sellers and buyers each will have to give a little in order to get the deal done.
Housing around here is expensive. Are there any programs to help me afford one?
If you're buying in DC, check out the DC Open Doors program, which offers sweet down-payment assistance; if you stay in the home for 5 years, this loan is completely forgiven! For Maryland buyers, first-timers the state transfer tax is waived. For any of you buying in Virginia, there is a Down Payment Assistance program that provides financing help for first-timers who are at or below 80% of the Area Median Income; for the rest of you, you'll enjoy lower property taxes than in the other two jurisdictions.
My friend is considering buying new construction. I know he doesn't have an agent. Is that the worst idea ever?
No, the worst idea ever is drinking orange juice immediately after brushing your teeth, or, waiting until now to have your first cronut. Still, buying a home without representation is no good. What sort of questions should one ask prior to signing a contract or while signing the contract? What precautions should a buyer take during the building process? You don't know what you don't know. Get an agent who has done this [many times] before. You'll be better informed, and you'll have an advocate by your side every step of the way. And, by the way, it's free.
Will a home with carpet or appliances that aren't stainless steel sell in this market?
Yes. And, yes, these days, buyers love their hardwoods and stainless steel appliances. But, there is a buyer for every home, and it's all about making your home stand out from the competition. We can help you do this. Our new Saydam Properties Seller guide is the best place to start. Email us for a copy! Sheena@SaydamProperties.com.
If I need a referral for the best restaurant, painter, or flooring installer in any town in Maryland, DC or Virginia, should I call my mother?
No. You should call your favorite real estate agent. Showing homes in all of these areas, we eat out a lot and also know who to call for high-quality home repair and renovation jobs.
If you found this helpful, interesting, or even slightly amusing, please forward this to anyone you know who may be buying or selling over the next 12 months. We at Saydam Properties would love to help -- and appreciate your referrals. Call us at (202) 243-7700 today.