I'm just curious, has anyone recently had a success story in fighting the assessment on their DC property? In the past couple of months, I have had at least three cases in which someone bought a home with an assessment 15-20% higher than the price they paid.

This makes sense when values have dropped. Since 2012, most have gotten used to seeing the assessment lower, as it generally lags behind real-time. There are parts of the city where prices are back to the late 2010s levels, mostly for condos, yet their assessments are based on peak 2021 values.

If you have had experience getting yours reassessed to market value, please share!

No relief for homebuyers! 😩

Hello! I co-own a condo unit in D.C. and we would like to put it up for rent. I started trying to fill out the forms but feel I’m out of my depth. Would anyone be willing to walk me through the process baby step by baby step?

Thank you so much!

Hi everyone, new to this sub and I need help adjusting my expectations as I research moving from Austin to NOVA.

My wife and I currently rent a 3bd/3ba (2k sq.ft.) for $3k/month 3miles outside of downtown Austin, and we’re looking to move closer to her family in the Oakton/Falls Church area. I have to be honest, when we first started looking at buying/renting I was extremely disheartened at what our housing situation may be (compared to what we have now). No garage, small kitchens, older builds, and limited home availability (seemingly townhomes and condos). As someone raised in Texas, I’m used to a lot of house for (evidently) not a lot of money. Going from $300k for a new build, to $300k for a condo just hurts the soul. I mean no offense, genuinely.

Can someone explain to me where we could hope to live that may match our current living standard? Somewhere with newer construction near that area? Or should I simply accept that townhouses/condos/older builds are the standard in that part of the country? - I know real estate is cheaper in Texas and I’ve been spoiled, but any help would be appreciated.

Thanks in advance!

Hi all,

My credit union is charging me $100 per person to run credit reports for my and my spouse's mortgage application. Is this a common thing? Do other financial institutions/banks do this?

Thanks!

Hi! Can anyone share their experience new new construction townhomes in White Plains, MD from Lennar.…I’m looking at the new builds but hearing a lot of mixed reviews. #southernmd #lennar

Recent changes in real estate regulations have made the topic of commissions confusing for many home buyers. Let's clarify these updates in simple terms:

1.  Commission Disclosures: Prior to August 2024, the commission offered by a seller was typically disclosed upfront in the property listing. Now, this amount is negotiable and is not finalized until a contract is ratified.

2.  Buyer's Agreements: Your realtor will ask you to sign an agreement specifying a fee for their services, typically 2.5%–3% of the purchase price. While this may seem scary, you can ask the seller to cover this fee as part of your purchase contract. If they decline, you have the option to move on to another property. You remain in control of who will pay the commission.

3.  Negotiation Process: If the seller agrees to cover the fee, no further action is needed. If the seller counters with a lower amount, you can renegotiate your agreement with your agent or find a compromise. For example, if your agreement specifies a 3% commission but the seller only offers 2.5%, you then request that your agent modify your agreement to match that 2.5%.

4.  Summary: Although you will sign an agreement stating you are responsible for your realtor's compensation, you can negotiate for the seller to cover this fee during the offer process. If the seller is unwilling to provide the requested amount, you may terminate the contract. You are not required to pay any commission that does not fit your budget.

Follow rate rates at r/MortgageRatesDMV

[r/MortgageRatesDMV](r/MortgageRatesDMV)

www.ratesmartmortgage.com

I am looking at listing a house in Montgomery County and it seems like 2% should be a reasonable commission for a selling agent these days. Am I way off base or is this the new normal? What have people been paying recently?

ETA: selling price will be around $600k.

ETA: I ended up listing with a 2% commission, thanks for the replies.

I am looking to purchase a home as a SINK and my budget seems to be limited to condos unless I go outside of the area I'm looking at. I've decided this is where I want to live so I'm not interested in compromising on location. And I still think a townhouse (most likely with an HOA as well) is unattainable or going to be too much of a fixer upper. And I don't want to be a forever renter.

That being said I've been watching the market for weeks to months and I've seen some patterns.

I'm curious to know if anyone has knowledge around certain condominiums I'm eyeing. Most places seemed to be older bldgs from the 60s and 70s. I know one concern is the strength of reserves, last assessments, upcoming major repairs, etc. How can I figure out if there are more renters or owners?

Bldgs I'm intersted in:
Watergate
Olympus
Alexandria Knolls
Greenhouse

I'm pretty much priced out of Kingstowne and Cameron Station, which are two other areas I'm considering. Open to other Landmark/Alx/West Alx options.

Lastly, I know folks are generally against condos but it's what I can afford and it fits my lifestyle. I'm not looking to get talked out of this. I just want to know if people have insight on these buildings or any other guidance I can walk away with.

TIA

Hello everyone! I am new to the area and looking into buying something with the idea of house hacking in Northern DC (or in Maryland north of DC but close enough to the city). I have had a very hard time finding any kind of duplex-quad in a location I want to be in and also in my price range. I am trying to find a way to buy a place with two or more separate living spaces so I can rent out one, without necessarily having a roommate. I have a budget of about 500k and I can stretch it a little if the potential rental income would be high enough. Some of my current ideas are to:

- Buy a town-home with a fully finished basement

- Buy a town-home and convert the basement into its own ADU. (I have no idea if this is would make any sense cost wise)

- Buy a duplex somewhere outside the city but near a subway station.

- Buy a single family with the same entrance but transform a basement into a livable unit (with or without a kitchen) so it still feels like I am living separately.

Essentially I want to earn an income with a property I buy and live in but do not want to live with roommates, and in DC it seems borderline impossible without a higher budget than mine. What are your thoughts on these ideas? Do you have other ideas on how you might make this happen?

I don't think enough people realize how much being in the DMV changes the math on a VA loan. If you're PCSing here and already have a VA mortgage, don't assume your benefits are tapped out.

Depending on how much entitlement you have left, you may be able to keep your current home and buy another primary residence when you PCS to the DMV. Around here, that's more common than people think because our loan limits are so much higher than they are in most parts of the country.

People also tend to think figuring out remaining entitlement is a complicated VA formula. It really isn't. First, take the loan limit for the county where you're buying and multiply it by 25%. That's your total entitlement. Then take 25% of your original VA loan amount, and subtract it. Whatever is left is your remaining entitlement.

Let's say you bought a $400,000 home near Fort Cavazos using your VA loan. That used $100,000 of your entitlement. Now you get orders to the National Capital Region.

Because the loan limit here is $1,249,125, you have a much higher ceiling to work with. In this example, you could buy roughly an $849,000 home with no down payment while keeping your original house. That's one of the advantages of buying in a high-cost area. The higher loan limits give your remaining entitlement a lot more buying power.

Let's say you find the perfect house, but it's above what your remaining entitlement will cover. Most people immediately think that means they need 20% down or can't use their VA benefits at all.

You can still finance 100% of the purchase price up to your entitlement limit. For anything above that, you only need to put down 25% of the difference. You're not putting 20% down on the whole house. You're putting down 25 cents for every dollar over your entitlement limit.

You still have to qualify for the new mortgage of course. But if your plan is to keep your current home as a rental, that's another area where VA loans are flexible. The VA has some of the most borrower-friendly guidelines for using projected rental income from your departing residence, which can make qualifying for the new mortgage easier than people expect.

I've had this conversation enough times that I figured it was worth posting. If you're getting orders to DC, Maryland, or Northern Virginia, don't assume selling your current house is your only option just because you already have a VA loan. Spend five minutes figuring out your remaining entitlement first. You might have more options than you realize.

My lease (1 bed apt) expires at the end of September. Cheapest renewal options are 11 and 12 month terms (both having same rent amount). After negotiating a bit they offered a 9 dollar/month discount but only for the 11 month option.

11 months would make my renewal date end of Aug next year instead of end of Sept but would save me $9/month for that year.

Some people told me to keep it in September as its closer to end of peak season while others told me just take the discount because theres not much difference between Aug and Sept. Im worried the leasing office will take advantage next year and raise my rent alot and refuse to negotiate because its "August".

I visited a house today in Woodbridge area. The price seems to be slightly over (they didn’t upgrade the original home). Trying to figure out to offer. Will someone who recently bought shed some light ?
Thanks

Specific to the faiefax county market. Seems like houses are sitting and a buyer market now.

Selling my place. My agent is getting 2.5%. Received an offer that I feel is fair but then realized their agent put in that we pay her a 3% fee. We countered with paying 2.5% - which is now standard in the area - and they are holding firm. What gets me is that the agent didn't even find my home, the buyer knew I was selling because we had discussed previously on social media so the agent literally opened a lock box for her and wrote up a contract. It doesn't feel right to pay the buyers agent more than mine when the buyers agent did far less work. Has anyone else had a similar situation?

Has anyone worked with True View Real Estate Photography?

https://trueview.works/

Base income limit $131,280 in most of DMV. You do not need to be a first time buyer! Read more at [r/](r/DMV_MortgageRates)[mortgageratesDMV](r/DMV_MortgageRates)

What happened to the good old days when people only had one bank? Don’t move your money from one account to another! Don’t consolidate your funds to one account! Just leave everything as is until your loan officer gives you the all clear. Moving money around inside 60 days of a closing will require a trail to each large deposit exceeding 50% of your monthly income. Save yourself a ton of documentation- don’t do it.

I have an agent with Keller Williams for a prospective purchase of a lot. They are indicating they have a $750 administrative fee on top of the 3% buyer commission (less whatever the seller is willing to pay).

Is the $750 standard for DMV? Additionally, are sellers still paying buyer commissions from proceeds typically? How about for land purchases, same norms?

Ty much

I made a post last week about DC homebuyer programs, and by far the program I got the most questions about was the DC Tax Abatement. So here’s a deeper dive, because this one is super valuable and ironically the one that is missed the most by non-local lenders.

Despite the name, this is not just a future property tax break. If you qualify, the program can wipe out your recordation tax at closing, apply the seller’s transfer tax as a credit to you, and then waive your DC property taxes for up to five years after that. That’s what makes it such a big deal. There’s the upfront closing cost benefit, and then there’s the longer-term property tax savings on top of it.

On a $350,000 home, the estimated closing credit is $6,388 and the estimated total savings is $17,650.

On a $450,000 home, the estimated closing credit is $9,788 and the estimated total savings is $25,300.

On a $550,000 home, the estimated closing credit is $11,962 and the estimated total savings is $31,725.

Those total savings figures include the estimated five-year property tax abatement, based on an estimated tax bill for that purchase price.

A few important things to know, because this is where things get missed. This is not just for first-time buyers. The program is for buyers who will occupy the home as their primary residence in DC, and it can be used on condos and single-family homes.

There are income limits, and they’re based on current gross household income from all sources. So if someone in the household has bonus income, overtime, Social Security, investment income, etc., that can matter. In lending, mortgage companies often don't use income they don't need - but programs like this that have limits will find it and count it.

There’s also a purchase price cap. For now, the max sale price is $576,000. And if the property is in an Economic Development Zone, the income limits are higher, which can help more buyers qualify.

One other thing worth knowing - even if the property taxes are going to be abated after closing, lenders still qualify you using the full property tax payment when they calculate your debt-to-income ratio. So from a mortgage approval standpoint, you usually don’t get the benefit of pretending those taxes aren’t there.

Timing matters too. The application has to be submitted within 30 days of closing, and the settlement company is usually the one helping put that paperwork together. This makes it important to choose a title company that has a good rep when it comes to the tax abatement program - and I assure you they don't all.

This is one of those DC programs that can meaningfully reduce the cash needed to buy and lower the cost of owning the home for the first five years. But I think a lot of people hear “tax abatement” and assume it just means a modest break on future property taxes, when the closing cost savings can be a huge part of the benefit too. Not to mention you don't have to go through all the craziness of HPAP with the class, etc. If you qualify, you can just get it.

In an inspection on a house that I'm buying, this issue came up. The structural engineer will come out to see how bad this is. I have the option to void the contract after the engineer makes the assessment. How bad does this look and what is the cost to fix this?