Like home prices, apartment and private home rents fell across the entire country during the recession, as millions of people moved in with parents or found roommates to cut their housing costs. But, the rental market has improved faster than the overall housing market, with gainfully employed people choosing to rent rather than risk purchasing. Until a few months ago, the popularity of renting in the last 18 months has driven the supply of rental units down and demand up, resulting in low vacancy rates and increased rents.

The average rent in downtown D.C. currently is $1,521 per month. That is a 5.4% annual increase over the previous year. Rents are actually appreciating faster than home prices for the first time in a long time.

In the last few months, the D.C. housing market has improved greatly, with buyers starting to compete again for attractive condos and homes listed for sale. As a busy downtown real estate brokerage operating actively in NW and NE, we’ve even seen some of our real estate listings be on the market for a matter of days prior to receiving offers and contracts from excited buyers.

The current real estate market in D.C. is in a unique flux right now. Home prices are still low from the recession as owners are afraid to ask too much and still have a perception of lost value in their minds. Gainfully employed potential buyers have plenty of options for attractive condos and homes for sale in great neighborhoods. And, most importantly, mortgage interest rates are below 4%.

This means that for qualified buyers with good credit, every $100,000 you borrow will cost you less than $500 a month. If you’re a renter and spending around the D.C. average of $1,500 per month, you could literally go out, choose a beautiful condominium for under $300,000, and be a homeowner for about the same monthly expense.

It’s slightly more complex than the above, but we are here to make it easy. Contact us today and one of our downtown D.C. agents is happy to help make the entire process of finding and purchasing the right downtown home easy. We run a low pressure sales process and are happy to invest time with you, whether you buy in 2 weeks, 2 months or even 2 years from now.

If you’re like to browse what’s available in the D.C. market on your own, we offer a new free D.C. listing search that is updated every hour.

Homes listed for sale in good condition in desirable neighborhoods are seeing the effects of an improved local economy, reduced unemployment, adjusted housing prices and sub 4% interest rates – a steady stream of open house visitors, multiple offers, competitive bidding and contingency clauses.

Increased demand has shown that the active inventory of homes on the market in D.C. in March, 2012 was down more than 25 percent from March of the prior year.  And, as an active downtown real estate brokerage that is out on the D.C. streets every day, we’re seeing the reality of the improved market as well.

If you’re a D.C. homeowner of a property that is in good condition and relatively close to Metro, you should seriously consider listing your home on the market this Spring or Summer. The current state of real estate supply and demand has again created a seller’s market for the first time in years.

Plus, you can still sell your current home and stay in Washington, D.C. With available super low mortgage rates and home prices still adjusted, now can be the time to move up to a larger, newer or better located condominium or downtown home. Even if you feel that you “bought high” or only have 3 – 5 years of equity, the state of the current market is a great time for you to start out with a clean slate. A small increase in monthly mortgage can get you a whole lot more home for your money, when you factor in the current sub 4% rates available from D.C. lenders.

UrbanLand Company is an active downtown D.C. real estate brokerage helping buyers and sellers connect all over the city. Whether you’re seeking a new condo, resale downtown home, investment property or land/vacant lots for building, they can help. Call 202.299.9223 or email info@urbanlandcompany.com for assistance.

This is a spacious unit has two bay windows that allow loads of sunlight from the front and it has a plush greenspace view out the back. Updated stone and stainless steel finishes, a separate dining area and a large bathroom with a washer & dryer set.

Only a short walk to Howard University, the U Street Metro and the newly renovated  Howard Theater, this is a great opportunity to own a direct entrance condo in the heart of Ledroit Park.

*******Agents, this property is listed as 2022 Flagler St. in the MLS

We’ve converted a freshly renovated 3 level row home into party and event space for our 2^nd Annual Fragrance Release Event & Cocktail Party.  Save the date for Thursday, April 26 from 6 – 9 p.m. and join us at 1163 Abbey Place, NE in the H Street Corridor.

It’s just a few blocks from the NOMA Metro. We’ll have food, cocktails  and live entertainment so bring your friends and tell your coworkers.  Come early and stay late because throughout the night we’ll be giving away valuable designer fragrances…with many more designer fragrance samplers that will be free to all.  Just please RSVP on Facebook and make sure to share it with your friends.

Enjoy food, drinks, and a chance to score a free designer fragrance. It’s also a chance to learn about UrbanLand Company listings all across DC, including hot new properties on Sherman Avenue and 6^th Street in NW and T Street in NE.

If you’re a currently renting and thinking of buying your first condo or home in downtown D.C., attend our Homebuyer Seminar on Saturday morning, 4/28 from 10a.m. – 11:30a.m. at our offices.

The seminar is a fast, fun format & you’ll find out a lot about programs that make it even easier to buy that are unique to Washington, D.C. Several D.C. organizations sponsor programs that can give you up to $44,000 in homebuyer incentives to use when purchasing your first home in  the city.

Current D.C. housing prices, low interest rates & attractive subsidized financing packages make now the time to seriously consider buying in downtown D.C. Units are selling across the city, inventory is starting to diminish & prices will most likely begin to rise.

RSVP on Facebook! Topics include:

*The DC Bond Program, with fixed rate, 30 year mortgages at 4.5%.

*The Home Purchase Assistance Program (HPAP), with 0% interest the first 5 years, up to $40,000 in downpayment assistance & an extra $4,000 in closing costs help.

* Special D.C. government employee programs (EAHP) with up to $1,500 in downpayment grants & up to $10,000 in deferred downpayment loans.

* Other mortgage programs & financing issues relevant to first time homebuyers.

After the event, those interested can tour current available projects & may also attend hard hat tours of projects currently being prepared to list on the market. Discussed in detail will be new, low priced 1 BR condos currently opening on Sherman Avenue, NW and a new Affordable Dwelling Units (ADU) project coming soon.

Please RSVP on Facebook if you are attending, as seating is limited. If you do not have a Facebook account, please email info@urbanlandcompany if you plan to attend.

Hot new condo property coming to 22 T Street, NE. This is a new spin on a classic Victorian building with just two large condominium units for sale. Choose from a 2 bedroom or a huge 3 bedroom residence – both with balconies or roof terraces and great outdoor space.

This is particularly an issue in the D.C. area, as the main reason for slowdown in the local real estate for sale market has been due to bad national news, national recession and national unemployment. The D.C. market itself has faced no real recession and those wary due to national news have chosen to rent over buying.

The average rent in downtown D.C. currently is $1,521 per month. That is a 5.4% annual increase over the previous year. Rents are actually appreciating faster than home prices for the first time in a long time.

This is bad news for renters. But what it really means, is that the economy is improving and that a % of renters will become first time homebuyers as they realize that they can safely afford a monthly mortgage payment. Even now, at least in Washington, D.C., higher rents are starting to turn many tenants into home shoppers,  as purchasing a home seems like a bargain compared to throwing your money away every month on rent.