Does Washington DC finally have affordable housing? Real estate agent Natalie Dean breaks it down

At Connect2Agent we are lucky enough to partner with real estate professionals across the country who can share their local real estate news and advice. Natalie Dean, a Connect2Agent member and real estate agent in the Washington DC area, breaks down the current housing situation and opportunities for real estate buyers who are considering whether they should purchase. Following is her guest contribution to the Connect2Agent Home Buyers and Sellers blog.

"Does Washington finally have affordable housing?"

This economy continues to spiral out of control. Other stock market giants buy huge static corporations like Bear Stearns and a record number of bankruptcies of small- and medium-sized businesses are being filed. Consumer debt and spending has reached well into the billion-dollar mark and the resounding woes of the housing crisis continue to flood the airways--it is easy to become overwhelmed.

No need to despair, there are options for real estate buyers

However, there is light hovering at the end of the tunnel. In the Washington area, one of the wealthiest in the nation, housing prices--although not plummeting--have stabilized, allowing many renters to cash in as first-time home buyers.

The correction of the real estate market has led to a series of wonderful changes allowing for affordable housing in Washington DC. FHA loan limits have risen from their traditional $362,000 to well over $729,750 in high-cost areas. Homeowners are now allowed to receive 6% closing help through the assistance of Ameridream and other seller downpayment assistance programs.

Fannie Mae and Freddie Mac, the institutions utilized to back conventional mortgages, raised conventional conforming loan limits and houses are in much better condition than in times past, with homeowners willing to do any and all necessary repairs (cosmetic and noncosmetic) in order to attract area buyers.

Foreclosures are on the rise and not are just for the savvy investor, but are popping up all over our Multiple Listing Service, giving homeowners in the Washington DC area an edge in getting a bargain in the market.

This is a good time to purchase real estate.

Across the region, the median cost of housing is down, especially in Loudoun and Prince William Counties. These two counties saw phenomenal amounts of growth during our real estate boom of 2000 to 2005 and now are leading the area in foreclosure crisis.

As the tide on the housing market takes shape, many wonder: Have we hit the bottom?

They may wait it out to get the best deal. Remember that just like with the stock market or any investment, when you think you are seeing the bottom it probably has already occurred and the best deals are gone.

Natalie Dean, of the Metropolitan Real Estate Group, services real estate buyers and sellers in the Washington DC area. If you would like to discuss real esate in the DC metro area, please contact Natalie by phone or drop her an email.

If you enjoyed this post, you might want to read:

• Shirley Boulter Davis gives her advice for first-time home buyers in Dallas, Texas
• Shannon Harding lends advice to first-time home buyers in Calabasas, California
• Home Buyers: It is a great time to buy a house in Las Vegas, NV

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Posted by Rebecca D. Levinson