Homes in DC Under 400,000?!
The DC Market is WAY to expensive! But is it?
Recently I was emailing back and forth with a buyer who is using the Home Purchase Assistance Program or HPAP as it is commonly referred to (I wrote about it here and you can head over to the official website here) and we were discussing where she could buy a home or row home in DC for under 400k, she was telling me the market was too active and there was nothing under 400k!
Not true –
Homes in DC under 400k exist!
Homes in DC under do exist and now there are quite a few on the market that can be bought by home buyers and not investors. Why? Well it has to do with Covid-19, yes people are still buying homes and home investors are still flipping homes but with lending getting stricter more investors are not buying homes in price points they once were. This creates a space for buyers who want a townhome they can live in and not have to compete with an all-cash investor.
Opportunity in the DC Market under 400k?
Right now there is a tremendous opportunity for end-user buyers, buyers who want to live in the homes they’re buying. Dont get me wrong, there will still be multiple offer situations because of this opportunity but typically these multiple offer situations will involve other owner-occupied home buyers.
If you are looking in DC Under 400,000 and do not want a condo now may be your best chance to buy a property in DC under 400k that is not a condo. If you qualify you may be able to use HPAP as well!