Live on the Red Line - Real Estate

What You Should Know About Rent Control in the District of Columbia

If you are a renter, or a landlord, you should take note of the information in this PDF that was released by DHCD (Dept of Housing and Community Development):

Download DCRA_Rent_Control_Pamphlet

Rent-to-Own Gaining Favor Once Again

Rent-to-own options are becoming popular again after falling out of favor during the last couple of decades when mortgages were easy to get.

The advantages of rent-to-own to buyers include a way around poor credit, an opportunity to rebuild credit worthiness and a way to try out homeownership without making a costly commitment.

For sellers, it offers cash flow from properties that might otherwise just be sitting there.

In some parts of the country, like Florida, rent-to-own arrangements are fairly commonplace, but in other parts of the country developers are only beginning to experiment with this form of purchase.

In the Boston area, Economic Development Financing Corp. (EDFC) and Trinity Financial are two affordable-home developers that have introduced experimental rent-to-own programs. Eric Gedstad, spokesman for MassHousing, a state agency that finances housing construction, says his agency is supportive.

"As the lender, we are gratified that the developer has cash coming in. It makes sense for potential homeowners. The more time that goes by the better the opportunity for someone to repair his credit."

Source: Boston Globe, Robert Preer (08/31/2008)

Never Enough GOOD NEWS! But here you go...

Tired of always reading about bad news in the real estate market?  That is what sells papers these days.  Here is a new website with a positive attitude:

http://www.happyrenews.com/

From the website:

"Tired of gloom and doom stories about the US real estate market? We are, too. So welcome to Happy Real Estate News.

In real estate it's important to remember: there isn't one market out there, there are hundreds of thousands. And the factors driving these markets vary from city to city, neighborhood to neighborhood, even from street to street.

There's no denying that the mortgage meltdown has meant tragedy for many home owners. But take a look around.

You'll see there's very positive activity in many vibrant markets throughout the US. By focusing on the good news and passing the message around, we can help speed up the market recovery.

This web site is a reality check, based on actual facts on the ground. It's vital information you need to run your real estate business and educate your clients about the market in your area.

We update this information every month, so come back whenever you need to get the real story about real estate bright spots in America. "

"I Can't Afford to Buy!" you say? Not true!

Are you still renting, because you think you can't afford to buy a home?  You are wrong.  There are so many loans and programs available to you, that you may not realize how easy it can be to buy a home.
In DC alone, the city offers a number of programs to help you purchase a new home.  Best of all, you can get a $5,000 federal income tax credit that is available to first time home buyers in the District of Columbia.  Are you tired of always cutting a check to the IRS every April?  Owning a home can change that!

Have you talked to a loan officer yet?  If not, you should.  There are still tons of loan options to choose from , and I am not talking about sub-prime mortgages.  Is your credit not perfect?  Again, there are great loan officers in the world that are more than happy to help you "clean up" the credit mess.

Again, it always pays to ask!