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  • Yay! Our first house purchase, and it is on the list. We are officially members of the DC community and PoPville!

  • Thanks for posting these sales every month! Great news for me this month seeing a comparable in my building selling high!

  • As expected, that house PoP talked about on 9/26 on lamont street listed for ~640 was under contract in 6 days. I guess we will wait to see what it sold for. I am guessing significantly more than it was listed for.

    A house of similar size and design (minus the finished basement) went under contract on 13th street not 50 feet away from this one for ~970K. They share the same alley.

    Columbia Heights real estate is insane

  • janie4

    This is actually good – I want to refinance my mortgage, but I’d need an appraisal above $400k to make it worth it. If prices keep up, I might actually make it.

    • houseintherear

      I have an appraisal Sunday… so nervous!

      • janie4

        I’m pulling for you. DC is a strong market.

      • Our house appraised 50K more when we got the appraisal than it did when we bought it a year ago. We hyst closed on the refinance. When you meet your appraisor, any improvements you have done whatsoever since the purchase, make sure you bring them up.

        At our house, I even pointed out the new windows and siding and such, but also new bushes and stuff we planted. Yes it was shameless pandering, but it got us the value we needed!

    • This makes me wonder if I should run the numbers to figure out what appraisal price would make refinancing something to consider!

      Do you have any tips in terms of online resources that you uses to inform your calculations?

      • janie4

        Unfortunately, not really. I figured on an 18 month time frame for repayment. I checked the interest rates at my current bank and my credit union, and used an amortization calculator I found at Vertex42.com (a nice excel spreadsheet). I compared the payments, and found I only saved about $150 a month, which means that if it cost me more than $2700 to do it, it wouldn’t make sense, unless I can get rid of my mortgage insurance. Hopefully, the appraisal values in Petworth will keep going up (darn flippers lowering the comps!)

        • I don’t understand how flippers are lowering the comps? The Appraisor would be comparing apples to apples, so a house being purchased as a flip shouldn’t have any relevance on houses outside that category?

          I’m currently under contract on a renovated house near Sherman Circle; and our appraiser only used comps of similar renovated houses nearby in estimating it’s value.

          • janie4

            The closest comp to me (same size, same street, one block away) was purchased at a low price, all cash, and they’re in the process of flipping it now.

            My house was renovated, but not recently (5-10 years ago), and while I’ve put money into it, I haven’t done a massive upgrade (new siding on the back porch, some repointing, new roof, fixed electrical issues and added outlets, some new drywall/paint). The HVAC and the water heater are 10-15 years old. So I’m not sure it counts as renovated for a comp.

            A lot of the flippers are turning the 3 bedroom, 1 baths into 4 bedrooms two baths – putting a new bedroom/bath in the basement, or even 3 bedrooms, three baths (cutting up the old trunk room into a bath or putting one on the back porch and in the basement). So the 3-1s that are selling are unrenovated or partially renovated houses that are going for all cash, and what’s coming back on the market is no longer a true comp, because there’s an additional bath or bedroom. I’m worried that an appraiser will see what 3-1s are going for in the neighborhood, and that will lower my appraisal, but if your appraiser only used recently renovated properties, maybe that will work in my favor.

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