Real Estate Tips

Condo living has its pros and cons. Before you start talking to a real estate agent, here are some things to consider.

1. Maintenance and repairs
   The great thing about condo living is that you have fewer responsibilities when it comes to maintenance and repairs. Building management takes over. However, you might not get to decide when these repairs will be made.
2. Amenities
   Condo living gives you access to a pool, gym, or sauna that you might not be able to afford otherwise. If you use these amenities regularly, you’ll get more value for your fees. Otherwise, you’ll end up paying for a perk you have no use for – and that’s money down the drain.
3. Security
   Living in a condo lets you enjoy the building’s security features like controlled access and video surveillance. Aside from this, you can go out of town knowing that neighbors are within close proximity of your unit and can alert management if anything suspicious occurs.
4. Restrictions
   Since you’ll be sharing a building with a lot of neighbors, there will be restrictions on noise levels, pets, smoking, and even interior and exterior décor. The same applies to any remodeling work you want to have made to your unit.
5. Privacy
   Having just a wall separate you from your neighbor may turn out to be a privacy issue. If you can hear their comings and goings, chances are they can hear yours. You’ll also bump into them frequently in the corridors and shared areas – which is fine if you’re the friendly sort, but uncomfortable if you’re a little more reserved.
6. Space
   You’ll have to make do with less space when living in a condo. This means being very selective when it comes to buying stuff for your home, and minimizing clutter as much as possible.
7. Neighbors
   Condominium buildings attract individuals with all kinds of personalities and lifestyles. You might not necessarily get along with all of them. On the bright side, you can look forward to community-organized social events and recreational activities.

If you think that condo living is for you, check our listings. You can also call 410.371.0581 and 202.483.6300 or email andy@LNF.com.

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Filed under: Blog, Home Buying, Real Estate Tips by Andrew Pariser
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No matter how wonderful your home is, it could in the market for weeks or months if you don’t have excellent marketing material. Homebuyers make snap judgments as they browse through online listings. Uploading well-photographed, high-quality images of your home creates a good first impression of your property before homebuyers even drop by for a showing.

Having great photos also help you maximize your home’s market potential. They showcase your home’s best features while downplaying its flaws. On the flipside, bad photos can make your home seem less attractive than it really is.

Home sellers know the importance of curb appeal, as you will see on our Sellers page. However, pix appeal is just as important. Here’s how to get it.

1. Hire a professional photographer
   This is the easiest thing to do. A real estate photographer can take care of everything, from proper lighting to angles. If you’re concerned about cost, shop around for a professional whose fee fits right in with your budget.
2. Know the basics of photography
   If hiring a professional is out of the question, you can always take the photos yourself. YouTube tutorials, how-to blog posts, and forums are great online resources for basic photography skills.
3. Use a good camera
   High-resolution photos look better on computer and mobile screens, so use a good camera. If you don’t have an SLR, you can use a digital camera or a camera phone with higher megapixels.
4. Stage your home
   Before you shoot, arrange your furniture in such a way that it opens up the space. Clear away clutter, such as toys and knickknacks. Draw the curtains back to let in as much natural light as possible.
5. Take plenty of photos
   Take as many photos as you can at various angles and lighting conditions. This gives you more options to choose the most flattering photos for your online listing.

For more information on selling your home, check out our comprehensive Sellers’ Guide. You can also call 410.371.0581 and 202.483.6300 or email andy@LNF.com.

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You’ve finally decided that you’re tired of renting and hauling your belongings from one unit to another. Now that you’re ready to commit to a mortgage, here’s what you need to know about buying a condo in D.C.

Condo Buying Trends

1. Small is in

   The tiny condo movement is gaining traction in downtown D.C., and developers are marketing the units to millennials. A tiny studio, for instance, affords 300 square feet of livable space. What makes it attractive is the price point – a unit sells for about $275,000, or half the median price for a typical home in the area.

2. First-time buyers can get tax credit

   First-time home buyers may be eligible for a tax credit of up to $5,000 as long as they meet set requirements. To qualify, you should have purchased your home within the current tax year, and you mustn’t have owned a home in D.C. the previous year. Moreover, the tax credit gets phased out depending on your adjusted gross income.

3. The FHA has made purchasing easier for first-time buyers

   The Federal Housing Administration, which helps first-time buyers get mortgages, lowered their fees in 2015. Fees were again cut in 2016 as the FHA’s financial situation gets better. Getting an FHA-approved condo in D.C. is also helpful because the agency will insure your loan, which mitigates risks and minimizes costs for the lender. You’ll also be required to give a down payment of only 3.5%.

4. Condo living in D.C. is synonymous with lower maintenance and better lifestyle choices

   Condos are easier to maintain than single-family homes and townhouses. Their affordability also lets you live in the city and gives you access to cafes, shops, restaurants, and events. Condo living also allows you to enjoy the walkability of the city, which either minimizes or completely does away with your commute.

Neighborhood Guide

Still wondering which area in D.C. is for you? Here’s a quick rundown of local neighborhoods.

• Woodley Park, Kalorama, and Chevy Chase are affluent neighborhoods. Here’s you’ll find good restaurants, ethnic eateries, and cafes.
• Kalorama residents prefer to keep the area’s noise level down, which makes it perfect for retiring homebuyers.
• Petworth is a close-knit community, with a mix of long-time residents and creative types who have just started moving to town.
• Shaw is known for U St., where residents go for food, drinks, and retail. Currently in the midst of a renaissance, the area is one to look out for over the coming years.
• Along with Shaw, Ivy City and Southwest Waterfront are considered to be up-and-coming neighborhoods. Condos are still affordable and yet are expected to gain value in the next few years.
• Columbia Heights is known as one of D.C.’s grittier areas, but an influx of retailers and increasing entertainment options serve to gradually change its reputation.
• As the name suggests, Mount Pleasant has a small-town vibe that active community members want the neighborhood to retain. There’s a crop of independent businesses worth checking out and supporting.

Sorting through Your Options

As a first-time buyer, you have a lot of options when it comes to condo units, amenities, and location. When choosing a condo, find a building and a neighborhood that will match your budget and complement your lifestyle.

Buyers also tend to look for condos that they can rent out when they feel ready to move up to townhomes or single-family homes. If this is something you plan to do, then you have to find a unit that’s likely to attract tenants, and which will grow in value over time.

Get started by checking out our Condo page to look for the unit you need in the area you’re interested in. You can also call 410.371.0581 and 202.483.6300 or email andy@LNF.com.

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First-time homebuyers should be wary of overpriced homes. Lenders think twice about approving a mortgage if the appraisal is lower than a home’s sale price, forcing buyers to pull more of their resources to reach a deal.

Here are some indicators that a home is overpriced.

1. The home has been in the market for several months
   Overpriced homes tend to languish in the market for a good many months. Also called a “stale listing,” these homes leave buyers cold. Homes that are priced correctly usually get offers within weeks.
2. It’s priced higher than its neighboring properties
   A quick survey of homes within the neighborhood will give you an idea if a piece of property is overpriced. Check listings within the community or ask around to make sure the home you’re eyeing isn’t worth less than its asking price.
3. It’s priced higher than comparables
   A comparable property is one that’s similar in size, features, condition, and neighborhood to the property you’re interested in. Their list price should be roughly the same.
4. It’s the last home standing in a hot neighborhood
   Take it as a red flag: a home that remains unsold even as buyers are making offers on, and purchasing, other properties in the same neighborhood.
5. It’s priced for custom amenities that don’t have wide appeal
   Indoor basketball courts or special purpose rooms that are difficult to convert are custom amenities that can unnecessarily drive up the price of the home. Few buyers may find such novelties useful or worth paying for. The same goes for expensive upgrades.
6. Few show up during open houses
   Once a home is on the market, there’s usually a lot of activity associated with it within the first few weeks. However, if open houses aren’t bringing in traffic and offers, then it’s a sign that the home is overpriced.

To learn more, check out our comprehensive Buyers’ Guide.You can also call 410.371.0581 and 202.483.6300 or email andy@LNF.com.

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Buying a home for the first time can get pretty hectic, to say the least. There’s tons of details to keep track of, decisions to make, and things to do. Needless to say, it can get quite overwhelming for anyone.

One of the smartest strategies for first-time buyers is to keep everything organized. Staying organized will make the buying process easier and less stressful, allowing you to make the right decisions.

Below is a handy checklist that will help you prepare for your first home purchase:

• Get your finances in order. Before you even start looking for a home, make sure to get your finances in order. Request your credit report from the three bureaus (Equifax, Experian, and TransUnion), and make sure it’s accurate. Compile all necessary documents such as bank statements, pay stubs, and tax returns from the previous year to present to a loan officer.

• Do research on mortgages. Take a look at helpful sites such as Trulia.com’s mortgage tools, where you can find information on a wide selection of reputable lenders from all 50 states. You can get a personalized quote and read lender reviews from other users in order to determine the right lender for you.

• Find a reliable real estate agent. A good real estate agent will make the buying process quicker, easier, and more stress-free. Find an agent who’s familiar with the local market, and has experience with multiple transactions in the area.

• Research about the neighborhood. Search online for information about a specific neighborhood. Know what schools, major highways, services or other attractions are located nearby. Visit an area’s local precinct to find out about crime activity, ask potential neighbors, and drive during different times of the day to gain a clearer picture of what a neighborhood’s like.

• Know what you’re looking for. List down features you’d like to have in a home, and keep this list handy when you’re looking at properties. Once you’ve gathered several options, see which of the homes is the closest to your idea of a dream home, and make your decision.

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