Headlines: DC's first-time and boomerang homebuyers

After losing their homes in the foreclosure crisis, boomerang buyers are back

Boomerang buyers who lost a home to a foreclosure or short sale between 2007 and 2013 are projected to make about 10 percent of all U.S. home purchases in 2014. — Washington Post

Average profit for a DC Metro house flipper is $136,135

Flips made up 10.2 percent of all sales in DC proper in the second quarter, more than twice the national average for the quarter. Gross profits nationwide were $46,000; in DC proper they were much higher, at $222,106. — DC Urban Turf


DC tops list for first-time buyers

In DC, 68 percent of homebuyers were first-timers in 2013, while Maryland also ranked high for first-time homebuyers at 63 percent. In Virginia, the report showed that first-time buyers only made up 57 percent of those taking out home loans. — WJLA


Days to close a loan drops to new low

The average number of days to close a loan has dropped to 37 in July, compared to 41 days in June, the the lowest average since tracking began.  — Realtor Magazine


Is the District affordable? Yes, relatively speaking, says new research

A new study that examines housing costs and transportation costs reveals DC is second to only San Fransisco as the most affordable city in the country. — Washington Post

.realtor coming in October

All you tech-savvy real estate agents out there who wish to further distinguish yourselves online will be able to register a .realtor domain name by Halloween, says the National Association of Realtors

If this is something that interests you, make sure to jump on the band wagon early since NAR is offering a year's worth of free hosting to the first 500,000 people who register. And if you have an existing profile at Realtor.com, you'll be able to transition it into a stand-alone site with your name on it. 

The .realtor domain name, in the works since 2012, is NAR's latest attempt to close the gap between the number of buyers who find their real estate agent online (about 9 percent) and the number of buyers who search for homes online (about 89 percent). They've tried other approaches in the past that didn't pan out so well. 

NAR initially applied for the .realtor domain name to help its Realtors® stand out from other real estate professionals and to help consumers distinguish between websites operated by industry professionals from sites maintained by third parties, according to an earlier report from Inman News

Close It!™ House of the Week: Pet-friendly with courtyard & sunset views

This week we take a look at a pet friendly condo with a balcony in Friendship Heights, Washington, DC.

This bright, 2-bedroom, 2-bath condo is equidistant from the Tenleytown and Friendship Heights metro stops on the Red Line, located in on the third floor of a garden style apartment. Constructed just four years ago, the building is relatively new. And the unit offers several updated amenities including stainless steel appliances, self-closing drawers and granite counter tops. 

Assuming a homebuyer puts down 20 percent on a conventional loan, her cash to close number will be approximately $135,231.27. The monthly payments would then be around $2,691.25 per month. For a complete picture of the cash to close, or for a run-down of the seller's side of the deal, plug the numbers into the Web version of Close It™ or download the free iOS app.

Headlines: Close It! makes a splash; $1M condos at The Wharf

Here's a quick look at what's happening in real estate around the District of Columbia.

Record income gap fuels US housing weakness

The income gap between America's richest and poorest metropolitan regions has reached its widest on record, shaping an uneven housing recovery that threatens to hold back the broader revival of the world's largest economy. —CNBC

How SB-Urban plans to get its no-parking developments approved

Given the very low likelihood of residents having cars, the cost per parking space would be prohibitively expensive and add an unnecessary cost to the project, particularly when most of the spaces would go unused. Constructing parking that will go unused will lead to unnecessarily higher rents. — DC Urban Turf

 

 

Aptitude: Wondering what your closing costs will be? Ask CloseIt!

Whether you want something quick, easy and accurate to estimate closing costs and monthly mortgage payments, or you want to drill down into the numbers, this app takes the mystery out of closing. — Washington Post 

Why MLSs will soon be a lot more friendly to brokers

Currently, brokers and agents must often enter and maintain their listings in both their back-end office system and their MLS. With the Update feature implemented, agents will only have to enter their listings in their broker’s back-office system, which can then transmit their listings to the MLS. — Inman News

Revealing the facts and myths about DC's street system

Once you get outside of the original part of the city, the system changes a bit, but Curbed is here to tell you how you can understand the system to know where you are at all times, and to explain some of the misconceptions you may have heard about the plan. — Curbed DC

Condos selling in excess of $1 million to be first project to open at The Wharf

The $1.5 billion project, to deliver 3.2 million square feet of new shops, offices, homes and hotel rooms to The Wharf, will take years to fully materialize. But the first test of whether the development will become a live-work-play environment will come a lot sooner than that, at least the live part of the three-legged stool. — Washington Business Journal

Washington Post profiles our awesome app Close It! in this Sunday's magazine

Word is spreading about the app that takes the guesswork out of closing.

This weekend, the Washington Post will run an article in their Sunday magazine that profiles our free iOS and Web app, Close It!

Reporter Kathy Orton breaks it down:

"Whether you want something quick, easy and accurate to estimate closing costs and monthly mortgage payments, or you want to drill down into the numbers, this app takes the mystery out of closing."

Believe it or not, this is the third time the Washington Post has mentioned Close It! in their editorial pages since we launched the app in May 2013. About a year ago we had a one-inch blurb on the inside of the front page. About two months ago Close It! was included along with several other real estate apps engineered in the DC metro area. 

We're doing what we can to get the word out to homebuyers as well as their agents and lenders about our awesome app as well as the importance of shopping for title services. Hopefully the app gives consumers a good reference point in terms of calculating closing costs and total cash to close. 

Agents and lenders out there who are interested in adding the Web version Close It! as a feature, tool or resource on their own website, feel free to get in touch with me. I'm happy to assist or offer advice on how to make that happen.

  • Ways to save at closing

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  • What are closing costs?

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  • What's title insurance?

    Insure your legal ownership just like you'd insure the building, but for lots cheaper.

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