DC area housing market doing better: what you need to know

6:56 AM, Oct 21, 2013   |    comments
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WASHINGTON (WUSA9) -- The housing market in our region appears to be rebounding from the 2008 recession. Even during the recession activity the D.C. housing market remained well above the rest of the nation. Now it appears that some homeowners are beginning to once again see equity return to their property. 

Andrew Strauch, the director of product innovation and marketing for MRIS, talked to us about the overall growth in the market.

First, he talked a little about the reports of people starting to get multiple offers.

"With respect to the overall economic activity we have had here cushioned by a lot of the government work and jobs, what has happened basically over the last couple of years is the sellers are back in the market because some of the prices have come up and so a lot of them are not as underwater as they used to be so they have more freedom to make the decisions to sell," said Strauch.

Right after the crash it was very difficult for people who were even qualified to get a mortgage. Is that starting to ease a little bit?

According to Strauch, "It is still tough to get a mortgage. Make sure you have your homework in place, you have gotten your credit report, and worked through all the bugs, but it has definitely lightened up a little bit."

One of the things that started to disappear in the 2008 crash was the jumbo mortgage. 

"They exist. Some of the rules are going to change a little bit next year so that's something to keep in mind. Understanding exactly what the mortgage possibilities are for you and your personal situation today and what they will be in six months. Your real estate agent can fill you in," said Strauch.

Are there still bargains to be had or things that have been on the market a little longer to find a deal? 

Strauch told us, "There are. It depends on your neighborhood and whether up to do a little bit of fixing up. If you take your time and look around and see which opportunity fits best for you about your personal circumstances, there is definitely some opportunities. I work with someone who is now looking and he found a nice opportunity in the Frederick area. So it depends where you want to live and how much homework you are willing to do, but they are out there."

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