Everyone know that the Real Estate market is slower than years past.  Everyone also knows that there are many - MANY homes for sale.  Even in Washington DC; where our local Real Market has not suffered anywhere close to many parts of the country; we have a great many homes for sale.

The Washington DC condo market was red hot for many years; but has cooled like everything else.  Sellers of condos have been competing with each other to find those fewer and fewer buyers out there.

Condos have often been very popular with 1st Time Home buyers and those just starting out.  They are typically less expensive than a single family home and offer a home with less maintenance and upkeep.  First Time Home buyers often do not have large down-payments; so the less expensive condos; provided a better chance for those just starting out as a Home Owner.

Recent changes in lending practices by most Banks and Lenders now are requiring a Home Buyer to put down a minimum of 10%.  Gone are the days of 0% or even 5% financing. 

I believe this will affect condo sales even more; the fewer the Buyers who can afford a condo; the fewer will sell.

For Home Buyers; If you have been Pre-Qualified or Pre-Approved for a condo loan in the past; make sure the lender can still give you the loan.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA