Buying
Less Expensive New Homes
Less expensive new homes may be coming! In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:
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First Time Home Buyer Should Look For?
What a first time home buyer should look for at open houses ranges from checking out the HVAC to talking to the neighbors. As a first-time homebuyer attending an open house, you are now on a search for that perfect home to buy. It is so exciting to walk into an open house that is beautifully staged just to make you fall in love with it. Remember though, that furniture does not convey. You have to look “behind” the pretty furniture. Here are some important things to remember at the open house and some suggestions of what to look for.
Thinking of Moving to Garrett Park?
Most Expensive Home in DC for Sale
The most expensive home in DC is listed for sale for $29,950,000. It is the former Blaine Mansion located at 2000 Massachusetts Avenue with rear commercial space on P St. and 6 condos. A last-of-its-kind Gilded Age 7,000-square-foot mansion residence complements over 14,000 square feet of versatile income-generating commercial space within a stunning structure brimming with historical significance.