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"DC Open Doors" pays your Down Payment for you on a home purchase in DC. The money does not have to be paid back. You must have:
  • Less than $125,580/year in income
  • Have fair to good credit (660+)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Virginia Housing Development Authority (VHDA) pays your Down Payment when you meet certain criteria. The money does not have to be paid back. You must have:
  • Less than $97,520/year in income (1-2 person households)
  • Less than $113,840/year in income (3+ persons)
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
The Maryland Mortgage Program loans you up to $8,500 in Down Payment Assistance. There's additional incentives from specific Maryland employers + great student loan incentive programs.
  • Incomes lower than $88,400 for 1-2 person households are eligible
  • Incomes between $88,400 & $128,760 may be eligible, based on county
UrbanLand Company Agents have over $38 million in successful $0 Down and low down payment home sales. Set Appointment $0 Down Loan Estimate Or, get to know us in our Free Home Buyer Workshops
 

Real Estate

Condo Mania: 2,800+ Condos Will Start Construction This Year. Prepare Now.


Are you ready for a whole ton of new condos? Research firm Delta Associates released an analysis of new condo sales and the market in general for the quarter ending June 30 for the DC Metro area. The DC area is showing a 70% increase in new condo sales compared to the second quarter of 2015 – that’s 589 new condo units sold during the quarter.

“A rapid sales pace like this exhausts the supply of ‘inventory’ in the marketplace,” commented Gerard DiRuggiero, Principal Broker of UrbanLand Company. “Our agents are mentioning it often – there are not a large number of new condo or resale units available at the popular price points. The flip side is that developers are building upon this success and a whole ton of new condos are going to start construction in the next 12 months!”

There are currently 2,800 condo units scheduled to started construction this year, more than twice as many when compared to 2015 (1,123 units).  Many of these projects are starting this year after delayed starts in 2015.

newcon-purp-smallAre you prepared as a home buyer to buy a new condo? There’s a process to it and it is different than buying a resale. We offer a New Construction Buyer Representation service that plugs you in with our UrbanLand Company new condo agents. “Our team is extremely experienced. We actually handle the sales for a flow of new condo projects for developers and also regularly represent home buyers as well. Sitting on both ‘sides of the table’ gives us a ton of insight we’re happy to share. It’s key to get prepared earlier!”

The number of unsold condo units in projects that are currently under construction or being marketed has dropped a great deal from ‘normal’ levels. For DC overall, there is only a 9.6 month supply of new condos for sale in the area, down from 14.5% in 2015. Some zones are hotter than others, with under 6 months of inventory in Central DC and Mideast DC.

There’s good news if you’re looking at Montgomery County. They have a 19.3 month supply of new condos available or becoming available.

 

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