Sponsored: Three Ways to Get a Deal in 2011

• March 15th 2011

by UrbanTurf Sponsor

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For the past several months, DC area home prices have been trending upward and analysts have been touting the metro region as one of the better areas for home buyers in the country. However, while the rising prices are an optimistic sign for the market, they mean that buyers have to work harder to search out a deal in the region.

Below, Pam Wye, a real estate agent with W.C. & A.N Miller (a Long & Foster company), lays out three ways you can find a deal in the DC market, despite the rising prices and the low for-sale inventory that many neighborhoods are experiencing. If you have questions or are interested in learning more about finding a deal in the DC market, contact Pam:

Pam Wye 202-320-4169 pamela.wye@longandfoster.com www.pamelawye.com

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1. Seek Out Listings With Price Reductions

There are a variety of reasons that a listing price on a property may be lowered, but a reduction usually means that the seller is becoming more realistic about what they can get for their home. It also could be a signal that there is more negotiating room for a buyer. A number of real estate websites now have specific sections dedicated to homes on the market that have undergone price reductions that are worth browsing for bargains.

2. Look Eastward

It sounds cliche by now, but DC is a city with a number of growing and what some deem transitional neighborhoods. Fifteen years ago, few DC residents would have imagined how the U Street Corridor and Logan Circle have evolved and the transformation that H Street NE is now experiencing.

With the development of the H Street Corridor over the past several years, home prices have risen significantly and savvy buyers are beginning to look at Trinidad with the thinking that the development and action just to the south will eventually have a positive impact on home prices in that area. The average price of a three-bedroom house in Trinidad (based on sales data from the last 12 months) is $204,610; for the same-sized property a few blocks to the south in the H Street Corridor, the average price is $435,687.

3. The Fixer-Upper And The Falling Downer

A lot of people hear the term fixer-upper, and think of homes that need a total gut job or have structural deficiencies. But the fixer-uppers that buyers who don't have their contractor's license should invest in are those that are in need of kitchen or bathroom improvements, have an unfinished basement, need roof work or other improvements that can be made over time. While it is nice to have a newly renovated kitchen and/or bathrooms when you move in, buyers pay a premium for a listing that has reached its full renovation potential. If you can, look for listings that have the space and functionality you want and are in need of improvements that can be made on your terms and at a lower cost while you are living there.

That said, if you are willing to tackle a complete rehabilitation project, there are homes at bargain prices in good areas of the city that need full gut jobs, and the Federal Housing Authority offers 203K loans for the rehabilitation and repair of single-family properties like this.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/sponsored_three_ways_to_get_a_deal_in_2011/3159.