Major Shifts for Homebuyers: Watch Interview
There are some major changes in the real estate world that could affect your next home purchase, especially with the recent National Association of Realtors (NAR) settlement and shifting market trends. Here’s what you need to know:
🔹 New Rules Touring Rules for Homebuyers:
- Buyers now must sign a Formal Representation Agreement before touring properties.
- This agreement clearly outlines compensation and defines the role of the buyer’s agent.
- Transparency is key—this change will impact how buyers prepare for property tours.
- If you’re planning to tour homes soon, make sure you’re ready for this shift!
🏡 Washington, D.C. is Transforming! 🏙️
Mayor Muriel Bowser’s “Office to Anything” initiative is tackling commercial vacancies by converting office spaces into residential and mixed-use developments. Here are some exciting projects: Information on program
Highlighted Projects:
- The Elle (1111 20th Street NW): 163-unit residential conversion, formerly the U.S. Treasury Department.
- 1625 Massachusetts Avenue NW: 157 units with 15 affordable units.
- 1825 and 1875 Connecticut Avenue NW: 525 units with 69 affordable units.
- 615 H Street NW: 72 units with 8 affordable units.
These transformations bring more housing options to a city that’s feeling the pressure of high demand and changing work trends. If you’re considering a move to D.C., now might be a great time!
📊 Interest Rate Update & Market Response:
Interest rate fluctuations are driving mortgage activity.
Higher rates are speeding up buyer decisions.
Market is seeing longer days on market and price corrections.
Properties priced right are still finding strong demand.
💰 Down Payment Assistance: Are You Missing Out?
Did you know that 80% of homebuyers qualify for down payment assistance programs, yet many never take advantage? 😲 Whether you’re a first-time buyer or just looking for savings, these resources can help reduce upfront costs and make homeownership more affordable. Explore tools like Freddie Mac’s Down Payment Assistance Tool to uncover potential savings.
If you have any questions or want to discuss how these changes may affect your home search, feel free to reach out!
Watch Interview: https://www.youtube.com/watch?v=Db9gTlOtI0I