New listing! 86 P St, NW WDC 20001 Open Sunday 1:30-4pm

I have another new listing that's hitting the market this weekend. It's a 4 bedroom, 3 full bath rowhouse. It was built in 1900 but the current owner has remodeled with many modern details like bamboo floors, an open floor plan that's perfect for entertaining, granite countertops and SS appliances in the kitchen and a fenced back yard. The upstairs has new carpet and a master bedroom with it's own bath. The master bath has double sinks and a jacuzzi tub.

For virtual tour, click below:
http://slideshow.mris.com/slideshow.cfm?ListingKey=90076726810

Good news DC buyers!

The $5000 DC first time home buyers credit has been reauthorized for 2008 and 2009!! Yea! It was included in the Economic Stabilization Act which was signed into law by the President last week.

This is a much better option for buyers than the $7500 tax credit for first time home buyers that was also recently signed into law by the President. The biggest difference between the two: you have to PAY BACK the $7500 to the IRS. Basically, it's an interest free loan of $7500.

And no, for the crafty folk, you can't use both programs!! Refer to my previous post about Elizabeth Razzi's article. (Best Time to Buy? This fall...)

Interestingly, Elizabeth stated that both of the credits were available at the time. Not so and I never issued a correction. (whooops. sorry.) The $5000 DC first time home buyers credit had expired in 2007. GCAAR (Greater Capital Area Association of Realtors) had lobbied hard to get this credit reinstated to boost sales in DC. And it worked. Finally, some GOOD news for buyers! Let's hope it also boosts sales.

New rules for real estate investors

My lovely friends at First Financial Services, Inc. just told me that Fannie Mae and Freddie Mac are tightening the rules on investor mortgages. Previously, as an investor, you were allowed to have up to 10 mortgages plus your primary residence loan. They changed it to FOUR last week or the week before. That's a big difference!! And it's open to interpretation. Some banks are allowing the primary residence mortgage plus four investment mortgages and other banks are saying four mortgages INCLUDING your primary residence mortgage. Oh boy. It's about to get crazier out there.

BTW-my broker recently sent our offices an email about one of the public perceptions of the financial crisis: that there's no money out there for mortgages. Simply: this is NOT TRUE. There is money out there and there's even decent rates. IF you have a good credit score, money for a down payment, and a reasonable debt/income ratio. Which you should have ANYWAY if you're buying a property. Remember..this is an investment. Let's say it together: "AN INVESTMENT".

New listings! Open tomorrow from 1:30-4pm at 1221 Harvard St, NW

I have two new listings at 1221 Harvard St, NW! They're 2 bedrooms, 2.5 baths, and they're two levels. They are located minutes from the Columbia Heights Metro and the DC USA shopping complex that includes Target, Bed Bath & Beyond, and the Washington Sports Club. Also within walking distance is a bevy of new restaurants and bars: Commonwealth, the Heights, Rumbas, Pete's Pizza, Five Guys, Red Rocks, and Wonderland. Unit 1 is , $698,380 and Unit 2 is $749,523.

Unit 1 is approximately 1800 sf, has bamboo floors, granite counter tops, custom cabinetry, SS appliances, spa master bath, a deck of the kitchen, a back yard and one parking spot. Click below for the virtual tour:
http://slideshow.mris.co/slideshow.cfm?ListingKey=90076187119

Unit 2 is approximately 1500 sf, has bamboo floors, granite counter tops, custom cabinetry, SS appliances, a deck of the second bedroom, the master bedroom suite is on the second level of the condo and has built in storage, a spa master bath, a roof deck and parking! It's perfect for entertaining. Click the link below for the virtual tour:
http://slideshow.mris.com/slideshow.cfm?ListingKey=90076193347