Metropolitan Overlook @ 1831 2nd Street NE - Progress

The development at 1831 2nd Street NE is moving along according to schedule. The Metropolitan Overlook will feature a mixture of market rate, workforce and affordable for sale condominium units. This development is a rehabilitation of an existing 37-unit apartment building that has stood vacant for more than two decades. That being said, things are moving along really well.  The crews are working hard to turn the building into a masterpiece in the neighborhood. Here are some pics of the progress -----

Here is a rendering of the project

View from McKinley Tech

Elevator shaft prepped and ready

Up we go

Just imagine what you could do with this layout

 Pics of former residents. 90's pose anyone?

 Expanded floor plans

The hvac and electrical are in

Don't get dizzy looking down

Rooftop deck access

Quiet street with plenty of parking

Check out more pics below

For more information contact us @ 

Stephen@cfhomes.org

202-745-4481

Americans Prefer Owning to Renting

Owning a home still has more appeal than renting for Americans, according to Fannie Mae. A sign of stability, safety, family and community, home ownership is an essential component of the “American Dream” of success and happiness and has been for many generations. The recent National Housing Survey (Q4, 2011) conducted by Fannie Mae found that this is still true.The majority of those surveyed (at all education and demographic levels) still believe that owning a home is preferable to renting. The study, conducted from over 3,000 interviews, also showed that 64% of the renters surveyed planned on a future home purchase. Most of the survey participants listed high-ranking schools and safety as prime concerns when considering the location of that future home.About 34% of those interviewed felt that “now” is a very good time to buy a home, but only 5% felt it was very likely that they would be purchasing a home in the next 12 months. The majority of survey participants (53%) felt that the housing market was likely to stay the same in the next year, but nearly all realized that the possibility of rental prices decreasing was unlikely. In fact many of those surveyed recognized the possibility of rental prices increasing, with 43% believing rents would increase and 47% believing they would stay the same. The majority of the respondents listed income, amount of down payment or job security as the largest obstacle to home ownership.




Source: Fannie Mae

Step-By-Step To Your First Home: And Soon You'll Be Walking Thru the Door

You've gone step-by-step so far in your home buying journey -- gotten pre-approved for a mortgage, weighed your needs versus wants, and spent time house hunting. Finally you have found the home you want to buy. 

You're now ready for the final steps that will lead you to the front door of your new home! 

Step 1
Evaluate the Price

• Work with your agent to agree upon a competitive price dependent on current market conditions. 

• Don't just accept the asking price. Many homes are overpriced initially so you need to validate the price.

• Use comps or a list of comparable sales of homes similar to yours in the neighborhood or building. Calculate the difference between the asking prices and final sale prices to get a feel for market conditions. Also look at those final sales prices to get an average of the current market price for your type of home. 

• Keep in mind some neighborhoods may have a dual price structure of "normal" sales and those that are "distressed" due to foreclosures and short sales. 

• Closely compare your home to the others that recently sold to see if your home has any valued-added features that might make the price go up OR lacks something that would bring the price down.

• Consider all variables -- Has this home sat on the market a while or has it just been listed and may sell quickly? Is it more of a buyers' market or sellers' in this neighborhood?

• Find out about competing bids since these will affect your own offer.

• Determine your walk-away price so you know your own price ceiling if the sellers continue to counter bid. However, never put limits on your first offer if you know you are more than willing to put up more to get the house. You need wiggle room to negotiate. 

Step 2
Make an Offer

• If you make an offer under the asking price, make sure you back it up so the sellers don't view it as just a "lowball" offer. Show them current comps or indicate any valid issues that may decrease the home's value. 

• Keep your offer simple with little stipulations if possible. This makes it easier for the seller to accept your offer and can help seal the deal quickly. As a first-time buyer, you won't have to deal with another home to sell, so that's a plus!

• On the other hand, be flexible when taking into account any stipulations by the seller. If you can accommodate the seller, do so if possible. For example, they may want to rent back from you for a month until they can move out of the home.

• Remember you have more leverage if you're in a buyers' market than in a sellers' market. Be wise in how you use this leverage!

• Be cordial and not critical of the home. Sellers can be sentimental and may select buyers for more personal reasons than just price. Present yourself well and your agent can pass along any information about yourself that may help the deal. 

• Make your offer contingent upon the findings of a professional home inspection. You'll want to be able to renegotiate or back out if major defects are found.

• Offer to pay all or most of the closing costs if possible to increase your chances of being chosen.

• Always include your pre-approval letter for a mortgage and put up a reasonable amount for your earnest money. You want to show the sellers you are serious and capable financially to buy this home.

Step Three
Closing the Deal

• Once you reach a mutually acceptable price, the seller's agent will draw up an "offer to purchase" that includes an estimated closing date (usually 45 to 60 days from the acceptance).

• Review the document carefully with your lawyer or agent to make sure it is contingent on you getting a mortgage, a home inspection, and a final walk thru 24 hours before closing.

• Make a good-faith deposit of 1% to 10% of purchase price in an escrow account. 

• Move quickly to secure your mortgage and expect to have another credit check and a home appraisal for this process. Also get your homeowner's insurance policy in place.

• Low appraisals can sometimes kill deals so be prepared to back up your case or get an independent appraisal. Sometimes lenders may hire appraisers not familiar with a particular market. So don't just accept a low appraisal!

• Hire a professional home inspector and be present that day so you can learn a lot about your new home and how it functions. If any defects are found, you can either ask the seller to fix the problem or deduct the repair cost from the final price. If the seller refuses to do either but you have the contingency, you can walk away without any penalty.

• Review carefully the closing fees on the final HUD Settlement Form that your lender will send you two days before closing. It will include a good faith estimate of the fees expected at closing. According to the law, the final costs must fall within 10% of this figure on the actual day.

• Your lender may require you to have mortgage insurance or PMI so it's protected against non-payment should you default on your loan. PMI is often required by lenders on loans with less than 20% down because of the increased default risk on these loans. 

• Stay calm and make sure you understand what you are signing that day since there's a huge stack of documents to go over. Your agent should be present to help you through this day.


As you can see, the final steps can be exciting but also stressful as you get closer to owning your first home. It's probably going to be the most expensive investment you've ever made so I'm always here to help you every step of the way.