Owning A Home In Washington DC

Many people living in the U.S. want to own a home as much as possible. Having your own place to live in can give any family comfort and security. In the U.S., 66.9 percent of households today already own their homes. These people may have even bought their properties during the housing boom or during an inappropriate time. But again, what matters is they were able to turn their dream of having their own house a reality.

In the Virginia, Maryland and Washington DC areas, the rate is above the national average in Virginia at 68.6 percent. West Virginia enjoys the highest at 78.7 percent while Washington DC has the lowest at 44.7 percent.

The housing market in the DC area may not be that strong today compared to the previous year in 2009. As of October 2010, the home inventory is at 3.8 months supply. The September supply, however, was at its highest at 4.9 months.

Sales of homes in the DC area as of September 2010 reached more than 58,000. This was below the 2009 sales volume by 2.1 percent but still real estate experts consider this not a bad situation at all.

Traditional homes comprised most of the sales and approximately a third was contributed by short sales and foreclosures. Washington DC, however, posted the lowest share of distressed sales at 17.5 percent while Prince George’s County experienced the highest share at 60.4 percent.

In terms of prices, the median price in the metropolitan area is at $322,000. Home prices slipped in September based on reports from the major associations in the area. Loudoun County experienced the smallest decrease while the NVAR area had the biggest decrease.

Being the capital of the U.S., the Washington DC area is an attraction to people. Many residents here already own their homes. The truth, however, is not all are prompt in paying their monthly mortgage dues because of varied reasons. Some are even facing foreclosure after missing payments for several months.

The good news is that those in this situation can still get relief from the attorney general’s office. This is after Attorney General Peter Nickels declared that a foreclosure proceeding against a homeowner need not push through. This is if the security interest or deed of trust has not been properly filed with the District’s Recorder of Deeds. The deed of trust is separate from the deed of sale which the seller provides to the home buyer but all these legal documents should be recorded with the local government after a sale had been closed.

This only means that homeowners can still fight for their properties if they feel that the lender has taken a wrong action by putting their home in foreclosure. In short, they have to make sure that the lender takes the appropriate steps before deciding on foreclosing a residential property.

Homebuyers, for their part, should also make sure that during the negotiation process, all the information about the property and legal documents pertaining to it are properly disclosed by the seller or his agent. This is whether you’re using an agent or buying on your own. It always pays to be well informed before making a final decision.