Why you should avoid a condo and buy a home in DC: The real estate market

What a great deal! 

 The real estate stock in DC is down a few percentage points from its peak this year. 

And, while there is still a lot of growth potential in the market, the market has been a bit sluggish for quite some time now. 

This is due to the recession that was caused by the financial crisis. 

The median price of homes in DC has declined by 8.3% from the previous year to $1.24 million. 

What this means is that the average price per square foot in DC for a single-family home fell from $1,851 in 2017 to $940 in 2018, and by an additional 0.3%. 

As for a condo, the median price for a one-bedroom condo is down to $3,068 in DC from $3.36 million last year.

As of July 31, 2018, the average cost per month for a two-bedroom was $3 000. 

So, for $3 001 a month, you are saving about $1 000 a year.

This is what real estate professionals are talking about when they talk about a condo buying opportunity. 

However, you need to be prepared for the fact that the price is going to be lower than what you can buy in the city. 

It is true that DC has a very low cost of living, so you can expect to save a lot more if you decide to buy in DC. 

If you can afford to buy a condo in DC, you will have to be ready for the high prices in DC because of the recession. 

That is the reality for a lot people, but what do you do about it?

Well, here are three things that you should consider when it comes to buying a condo or renting a house in DC or elsewhere in the country.1.

The condo market is too expensive.

There are two major reasons why people are spending more money on condos than they are renting. 

Firstly, there are high interest rates that are going to affect real estate prices in the coming months. 

Secondly, because of a shortage of supply in the area, it will take some time for prices to rise. 

In the short term, prices in New York and DC will increase but prices in other cities are going up. 

At the same time, DC has seen an influx of foreign investors. 

As of June 2018, there were over 7,500 foreign investors in the Greater Washington Area. 

With foreign investment coming to DC, the cost of a house is going up even more. 

Moreover, because there is a high cost of real estate in DC and other areas, there will be a lot fewer condos available in DC compared to the year before. 

2.

You need to have a lot in common.

If you want to save money and make sure that you can live with the kids when they grow up, then it is essential that you have some sort of connection in your life. 

To do this, you can opt for a house with lots of windows, which means that you will be able to have some privacy, and that will increase the likelihood of a nice home for your family. 

For example, you could opt for an old-fashioned Victorian house with a pool and tennis courts. 

You will also have a view over the city, which will be nice if you want your kids to play in the park or on the river. 

3.

You are not living the life of a millionaire.

Real estate is not cheap, and you need a little bit of luck to get it.

Even if you are a wealthy person, you still need to plan for a life of leisure, as well as a good income. 

I have read a lot on the internet about how expensive real estate is in DC lately.

I am not buying that argument, but the reality is that DC real estate values are down because of many factors that you are not aware of. 

Most importantly, you have to prepare for the possibility that you won’t be able get the mortgage you need. 

Do you have the right financing? 

What is your credit rating? 

Are you living in the right neighborhood? 

How much do you have in your checking account? 

These are just a few of the things that are not considered when you are looking at purchasing a home or renting in DC in 2018. 

Of course, there is more to consider when you consider buying a home, and the real estate experts at Zillow are not shy about talking about all of these issues. 

They have provided an excellent analysis that you need, so make sure to read it and make the right decisions before you decide on buying a house.