Dear Popville — is this really happening?

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Topic: Dear Popville — is this really happening?

Neighborhood News March 7, 2014 at 12:34 pm

Dear Popville — is this really happening?

My husband and I are in the process of purchasing our first home.

Our realtor has put a focus on the Edgewood and Brookland neighborhoods since it previously looked like you can still get a house for a reasonable price.

However we have been baffled by these two recent purchases:

Are we really looking at spending nearly $600,000 for an up and coming neighborhood? Have we missed some big announcement for something coming to the area? Are we ever going to find something in our price range of under $500,000 if we want to stay in the District?

We are becoming discouraged.

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We purchased almost exactly a year ago. When househunting then, we learned that if you are looking for renovated homes, which both of those appear to be, then GENERALLY speaking yes, it will be above 500k even in up & coming neighborhoods. I don’t think this is a new development by any means, DC prices have been this way the last few years and our realtors managed our expectations well in this regard fortunately.

If you are open to un-renovated homes or homes that are good but need some work, you can definitely still find lovely homes under 500. And, every now and then you can find renovated ones under 500, it is just rarer – you likely need to go a mile or so away from a metro station.

Good luck – more and more will come on the market as we near summer, and pricing may become more competetive then due to the increase in number of available properties.

yeah, i have to agree – for something renovated, you’re likely looking at above $500k; but if you’re willing to get a fixer-upper, you should be able to find some good properties within your budget. Good luck!

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