Carolyn Wirth

That's a great question, but I don't know the answer. My guess is that they get the information from the tax record or from the listing itself, both of which may not be accurate. DC tax records have a history of being "off," and lots of agents won't input this information in the listing as a result. Wish I had a better answer for you, but I don't. Some people also put the "building square feet" in the listing and others put in the square feet listed under "property description" in the tax record.

The best way for someone to know the actual SF of a house or a condo is to actually have an appraiser measure it... - Fri Oct 31 2008, 07:36

Hi Ann,

I'm a licensed real estate professional in VA and DC. I work in Arlington, Alexandria, and metro DC. You have received good information already from Alvin regarding rates. My understanding is that they fell again a little this week and are in the 5.75-6% range for individuals with high credit scores. If you borrow more than $417K, you will probably pay a little higher rate, but it shouldn't be much. The same is true for people with lower credit scores.

FYI, while we are in an urban area where conforming jumbo money limits have expanded, my understanding is that these increased limits are due to temporary legislation put in place this past summer. Beginning October 1st, more permanent legislation is supposed to take over lowering these limits a little bit. I believe it's in the 600K range, though, which means you would probably be fine.

One very important detail: sellers want to know you are a solid financial candidate before they accept your offer. They want to know that you can get the financing you present in your offer and that your lender won't "flake" at the last minute. I recommend all of my buyers get pre-approved before narrowing down their search. Not only does this help you to understand more about the loan process and how different loans may work (or not work!) for you, it also gives you more "credibility" when you are ready to make an offer. Also, you can use this time to shop around a little bit and see who can give you the best rate and lowest fees. You don't have to "lock in" anything until your offer goes through. That can be a plus and a minus: if you don't lock in a low rate and it goes up, your monthly payments could go up. They could also go down...

Below, I'll pass along contact information for a few lenders my clients have used and enjoyed working with in the past. None of them are associated with me or my company in any way; they are just local lenders that reliably show up at the table with money for my clients. They are also very knowledgeable about the process and can explain it a lot better than I can. :)

Good luck in your search! If I can help with anything else, feel free to contact me at cwirth@cbmove.com or (202)365-5355.

Carolyn

Dominic Turano or Alex Gabriel @ Wells Fargo (work together): Dominic.Turano@wellsfargo.com or Alexander.P.Gabriel@wellsfargo.com
Rob Riggins @ Washington Home Mutual: rob@whmortgage.com
Mike Lozupone @ B.F. Saul/Chevy Chase Bank: MFLozupone@bfsaulmortgage.net - Thu Sep 11 2008, 20:45

Sorry about the sticker shock, but it is part of the reality in this area. That being said, there are a lot of great options within 30 minutes of DC. One that comes to mind immediately is Fairlington, a community right off of 395 in Arlington. Some of my clients just closed on a 3 level, 2 bedroom townhouse there for $405K. Alexandria is definitely a great option as well. Also, there are some 2 bedroom condos with a little less space in the city proper that might work. What are you looking for beyond 2 bedxrooms and price? For example, do you need to be close to a metro? Do you require parking? Do you have (or want) a pet? Those may seem like little details, but they are big factors you'll want to consider in this area.

If I can help you in any way, let me know! Good luck with the job search and your possible move.

Carolyn - Wed May 7 2008, 06:44

Jim is correct; realtors can't offer information on safety and schools as it is considered illegal. The websites he provided are excellent resources of information. Here are a couple of other ones relocating clients often find helpful:
http://www.washingtonpost.com/wp-srv/local-explorer/

http://www.mpdc.dc.gov/mpdc/cwp/view,a,1239,Q,543336,mpdcNav… (here you enter an address and can view monthly crime reports)


Also, I always recommend spending some time in the area. Exploring a neighborhood on foot, with a few stops at a coffee shop and such, often gives you a good "feel" for the area and whether or not it fits your goals for a future neighborhood. I know that's not always the easiest thing to do when you are searching from afar, but it's worth the extra time.

As for the market in DC, it can change quite a bit from one area to the next. Some houses in some neighborhoods are only on the market for a few days with multiple offers while others sit unclaimed for much longer.

In general, the further you go from downtown, the less you will pay for more space. It's not always the case, but there are definitely more foreclosures and houses with more days on the market as you move outward from the city proper and easy commuting routes. While having more space is important to some, others are willing to sacrifice a bit in that regard to have a quick commute. It all depends on the needs of you and your family!

If you're interested in seeing what kinds of things are available within your price point, that meet your needs (# bedrooms, etc.), let me know. I'm happy to do a quick search and share via email.

Good luck! - Mon May 5 2008, 15:26

Jim is correct; realtors can't offer information on safety and schools as it is considered illegal. The websites he provided are excellent resources of information. Here are a couple of other ones relocating clients often find helpful:
http://www.washingtonpost.com/wp-srv/local-explorer/

http://www.mpdc.dc.gov/mpdc/cwp/view,a,1239,Q,543336,mpdcNav_GID… (here you enter an address and can view monthly crime reports)


Good luck with your search! - Mon May 5 2008, 15:14