Real Estate In Washington Dc Area

1129 words - 5 pages

Having been in the housing industry selling new homes I can certainly attest to the

housing and mortgage industries massive correction throughout the last five plus years. Selling

out of the Washington DC market, my experience and seeing firsthand the change in sales versus

cancelations in particular, trending as early as the spring of 2006. Fortunately for the nation’s

capital, the housing market has seen modest increases starting in early 2009. The correction data

I have seen has been pretty consistent around low to mid twenties for declining or correcting

percentiles over the course of the last five years specifically to the DC metro region. Some states

that have endured the lion’s share of foreclosures and/or lack luster job growth have seen

declines over the last five years of forty to even high fifty percentiles of depreciated housing

values.

This scholarship is interesting and challenging as for most markets across the country

are still seeing declines in appreciation. Contrarian to the rest of the country I have seen positive

and appreciating related news to only Washington DC and San Diego (at least as the largest

metropolitan areas are concerned). Thus, the scholarship indicates we are able to allocate

$150,000 towards a distressed property. Being that real estate is very much local and how best to

invest these funds is somewhat predicated on which markets have depreciated most, but also

have the ability to realize pre-recession price points with minimal distressed properties and

projected job growth. Other factors I would consider when investing such funds would be; how

does the local and state government play into closing costs, is lending overly restrictive in one

market due to an abundance of distressed properties, is a particular market buyer friendly with

little to no impeding regulations, the projections of a particular market based on employment,

local/state debt issues, and infrastructure spending to name a few.

With only $150,000 to invest and living in the Washington DC market I am tempted to

advocate for a short sale or foreclosed property in an urban market such that does have rental

exposure but concurrently good location and would be in a good position to sell when the market

times itself. Rents are typically high in and around Washington DC, NYC, LA, Boston and

Chicago. Each market has ideal trends and others do not, however I personally would lean

towards a market with sustained job growth and lower than national average unemployment

numbers. Living in the Washington DC area we are fortunate here in Northern Virginia to have a

5.9% unemployed, coupled with job growth predominately from the government sector, a highly

educated work force, an expanding metro rail line, three major airports, a market where many

zip codes are showing appreciating trends and a healthy rental year over year increase in rental
...

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