Whether you prefer the suit and tie style of Capitol Hill or the quaint vibes of Georgetown, Washington, D.C. is a first-time home buyer haven. We spoke with Movoto Real Estate Certified Agent Sebrin Adem to learn the most important things you need to know about house hunting in The District.
1. The Number Of Available Homes For Sale Is Quite Low
According to Movoto Certified Agent Sebrin Adem, “the inventory for sale is short in the D.C. area—that tells you the demand.” Just shy of 1,500 listings currently available, competition could be rough out there. Buyers interested in a specific home might encounter a multiple offer situation and find themselves right in the middle of a bidding war.
2. Some Houses Require You To Buy The Parking Spot Separately
Not only is trying to find street parking in the city an absolute headache, D.C. officers are avid ticketers. So when you’re browsing the listing pictures of that perfect house, make sure you look twice—many townhomes and row houses doesn’t actually come with the driveway pictured.
If you need a car in D.C., you either buy the parking space separately and use it for your personal vehicle or rent it out for some extra cash flow and search for street parking elsewhere.
Just keep in mind that, according to NerdWallet, D.C. has about 60 percent more motor vehicle thefts per capita than the national average, so maybe that personal driveway spot is your best bet after all.
3. Speaking Of Cars, You Should Know That D.C. Drivers Are Some Of The Worst
Something you should probably know if you plan to buy a house here—drivers in D.C. are 97 percent more likely to get in a crash than anywhere else (the only city with a worse accident rate is Boston, at 129 percent more likely).
The horrendous gridlock traffic is real here, and the constant motorcades toting around diplomats and White House staff don’t help either. If you get caught behind one of those, you could be stuck for quite some time.
4. On The Other Hand, Public Transportation Can Get You Nearly Anywhere
Luckily, to offset all the D.C. driving woes, WalkScore awarded The District with a transit score of 70, making it clock in at the fourth best city for public transportation in the nation. According to the National Association of Realtors, home values performed 42 percent better when they were located near public transit.
When comparing D.C.’s subway map, which spiders out in all directions with 86 stations, to San Francisco’s, which only travels through one main artery of the city, it’s clear that more neighborhoods in D.C. have easier access to transportation.
Sadem even mentioned that in D.C., house appeal is more about the price and proximity to public transportation rather than to restaurants and nightlife.
5. Developers Are Building Condos Quickly
According to Sadem, there’s a lot of work being put into the city in terms of new construction, which is making more and more neighborhoods attractive to homebuyers.
“The area near Georgia Avenue is expanding fast, as developers are building condos quickly,” she said. “Another up-and-coming neighborhood is the area near Howard University.”
With more areas being revamped, come more places to buy property (that’s one way to battle the low inventory).
6. The Average Unemployment Rate Is Lower Than Other Major Cities
It’s always smart to research the unemployment rates of the city you’re hoping to move to—whether you’re already working there or are planning to job hunt upon arrival, knowing what to expect from the job market can give you a leg up.
The average unemployment rate from 2009 to 2013 in Washington, D.C. was 11 percent, while it was 14 percent in Chicago and 15 percent in Philadelphia.
7. The Number Of Tourists Are Pretty Steady Compared To Other Major Cities
Almost everyone enjoys exploring new cities, but when you actually live in one of those swarming metropolises, the never-ending stream of tourists can take a toll on your daily commute, your trip to the grocery store, and your overall sanity.
Lucky for D.C. residents, the percent decrease of tourists from 2012 and 2013 was minus 3 percent. Don’t get us wrong, we know The District attracts hoards of wannabe politicos, but when you compare the minus three percent decrease in tourism to San Francisco’s 9 percent increase and Los Angeles’s 11 percent increase, you might have a better chance of not being mistaken for a tourist yourself while walking through your D.C. ‘hood.
8. You’re Sure To Have A Good View Wherever You Are
Thanks to an old D.C. law that limits building restrictions to no higher than 160 feet, you’re sure to have some sweeping views of your ‘hood no matter where in the city you’re looking to settle. Many city slickers-to-be get excited about living in the heart of it all, but end up paying the price when towering constructions are being built just outside the bedroom window.
9. Washington, D.C. Is A Celebrity Chef Haven
Calling all foodies—if you plan on buying a home, you’d better make sure you’re surrounding yourself with some good eats. The District doesn’t cease to impress hungry homebuyers, with a trove of restaurants boasting “Top Chef” contestants serving up your meal.
According to Washington City Paper, almost half of their ranking of the 44 most powerful restaurants in D.C. have “star power,” meaning the famed chef has been in the limelight for their exquisite skills in the kitchen.
Find This Article Helpful? Here Are Some More You Might Like:
