Nestled in the center of Washington, D.C., is the residential neighborhood of Capitol Hill. About a third of senators and national leaders live in this elegant neighborhood, thanks to its proximity to the White House, and major government buildings. As such, living in Capitol Hill is a mark of prestige. Not only are the homes here highly sought-after, but it is also a nice neighborhood in which to rent. If you want to buy a home in this esteemed community, you should actively monitor the market to determine the best time to buy. Read on to gauge whether you should invest in Capitol Hill now.
Capitol Hill Holds Timeless Value
The Capitol Hill real estate market will always be valuable. Whereas home values may fluctuate in the short term, buying a home in this area is valuable in the long run. There will always be a demand for homes near Washington, D.C.’s key government buildings.
Politicians and other professionals at all levels benefit from living within biking and walking distance of their workplace. Furthermore, many people dream of living in one of the row houses or condominiums for sale here because of the rich history of those legendary residential streets.
Home Prices In Capitol Hill Are Rising from The Dip
The Capitol Hill real estate market is unique, but still responds to regional trends. Home values recently declined because of the pandemic and an abrupt surge in interest rates. However, the values of these homes are rising, rendering it a great time to invest. In recent years, homebuyers in the neighborhood have had the chance to find homes offered below their worth.
As the adage goes, it is best to buy low and sell high. Now is an especially ideal time to look for homes selling for less than past values but with the expectation that the price will rise soon.
Exercise Caution when Buying an Iconic Row House
Most classic row homes in this neighborhood are quite old. Whereas their antiquity adds to their allure, it also raises the possibility of lingering maintenance issues like cracked foundations, outdated appliances, leaking roofs, and more.
Home flipping in Capitol Hill is profitable, but it is important to approach it with a good strategy. Always perform a comprehensive home inspection before committing to the purchase to ensure you make a wise investment.
Alternatively, you can invest in the condos. Condos in Capitol Hill are often new, and the condo association caters to their building concerns, like roof maintenance.
Short-Term vs. Long-Term Investment
The local real estate market favors long-term investments over short-term flips. In the last year or so, Capitol Hill homes for sale have increased in value, although not steadily. If you wish to enjoy the best returns on your investment, you should wait for a favorable seller’s market to enjoy good returns.
If you are purchasing an older house, you should also include the costs of maintenance, renovations, and repairs in your long-term investment strategy. Most Capitol Hill properties can sell for significantly more than the purchase price if you invest in repairs to improve and modernize the property.
Explore the Capitol Hill Real Estate Market with Thomas Kolker
Working with an experienced local real estate agent will provide the best options when exploring a distinctive housing market like that of Capitol Hill. As a long-time Washington resident, and expert in the local real estate market, Thomas Kolker can advise you on the best time to invest in this market. Besides, Thomas has access to a wide pool of listings, which means he can easily help you locate a home that suits your style, needs, and investment plans. Arrange an appointment with Thomas Kolker today to find your dream home.
