firsttime homebuyers: Top Reasons to Avoid Short Sales - 06/04/11 12:55 PM
I have many clients who ask me what are my thoughts about short-sales. My answer is SIMPLE…”STAY AWAY FROM SHORT-SALES!” The experience of a short-sale can be a sobering and depressing one, especially for a first-time homebuyer.
In my attempt to explain to homebuyers why a short-sale is not the best choice for your first homebuying experience, I have created a list of reasons as follows:
1. Time-consuming: The short-sale process has not been streamlined so there is not set procedure for the whole process. Each bank has their own rules and timeframe for dealing with short-sales. A short-sale can take … (4 comments)

firsttime homebuyers: So you are thinking about purchasing a home? - 05/26/11 02:10 PM
Thinking about purchasing a home...Don't be NERVOUS! If you have been watching the news or reading newspapers, you are constantly bombarded by a variety of perspectives on the status of the Washington DC real estate market. Keep in mind, that the real estate market fluctuates on a monthly basis depending on many variables such as interest rates, loan applications, foreclosures, short sales, etc. Just like Politics...ALL REAL ESTATE IS LOCAL!

What should a homebuyer expect in this market? High down payment requirements, stringent credit score, and financial qualification requirements are the biggest woes for homebuyers in today's real estate … (0 comments)

firsttime homebuyers: What does a properties' number of days on the market mean to YOU? - 04/13/11 06:20 AM
Anyone familiar with Washington DC real estate market over the past 4 years, has noticed an increase in the number of days DC homes for sale have remained on the market. There is a drastically different view of this topic between first-time homebuyers and sellers.

From the homebuyers perspective:
Homebuyers in a Buyer's market are always looking for a deal...sometimes NOT based in reality. I have had clients solely look at properties over 150 days on the market, and insist on offering the original price the seller paid 5 years ago. This doesn't make sense if the comparables in … (0 comments)

firsttime homebuyers: Are bidding wars coming back to the DC real estate market? - 04/05/11 07:36 AM
Over the past few weeks, DC realtors have seen an increase in buyer activity and a lack of supply of high quality homes in DC and Northern Virginia. This trend is evident in properties ranging from condominiums in Logan Circle to single family homes in American University Park. We are witnessing a lesson in Economics 101: Supply & Demand.

Are bidding wars coming back to Washington DC?
The short answer is Yes, but only in certain sought-after DC neighborhoods such as Dupont Circle, Logan Circle, and American University Park. DC realtors are seeing 3-4 offers w/ escalation clauses on … (2 comments)

firsttime homebuyers: 5 Ways to know you are ready to buy a home! - 03/17/11 01:34 AM
Washington DC real estate like all big cities, has a growing segment of the population that rely on the rental market for housing. In fact, Washington DC is known to have the 6th highest rent in the country, even higher than New York City and LA. The average 1-bedroom is $1,495 per month and increasing at a steady rate.

The constant question I get from potential dc homebuyers is "How do I know when I'm ready to purchase a home?"

Here are 5 ways to know you are ready to purchase a home as follows:

(0 comments)

firsttime homebuyers: DC Open Houses: Fact or Fiction - 02/05/11 01:43 AM
For anyone thinking about washington dc real estate, one of the first things which come to mind is open houses. On any given Sunday you will see local neighborhoods, such as Dupont Circle, Logan Circle consumed by open house signs, ballons, and property flyers.

Now you can ask any realtor and they will have a different opinion towards open houses. I feel there are some misconceptions about the purpose of open houses.

FACT: Open House is a great way to market the home.
FICTION: You can sell a home by doing an open house.
FACT: … (0 comments)

 
Jason Trotman (REALTY PROS)

Jason Trotman

Washington, DC

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