Want To Buy A House In D.C.? Join The Crowd (& Get Your $500K Ready)
If you're at the point in life where relatives have begun to use terms like "stable," "settled," or "mature" to describe you, you're probably about to commit to some real estate. And if you're looking to buy in the DMV, you're not alone — a recent RealEstate Business Intelligence report found that houses in our area are selling almost twice
as fast they were in 2012. But don't be fooled into thinking this is some sort of fire sale: The median sale price for a home in D.C. is $490,000, the highest on record for the city in the month of May. And it's not much cheaper in the 'burbs, where it's $424,800. The takeaway? Your nest egg needs to be ostrich-sized if you're planning to buy in the District right now. But it's not all bad: The report also suggested that high sale prices might encourage more owners to sell their homes, which could lead to a more saturated market in the future — and that means you can do a little more bargaining.
Photo: Via Huffington Post