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April 8, 2023

The Benefits of Selling Your House for Cash During a Tough Real Estate Market in DC

The real estate market can be incredibly unpredictable, and in a tough market, it can be difficult to sell your house for the price you want. Fortunately, there is a solution that can make the process much easier: selling your house for cash. 

Due to the ever-changing and unpredictable housing market in DC, more sellers are selling their homes for cash because it’s convenient and cost-effective. Let’s look at the benefits of selling your property for cash in a tough real estate market where inventory is low and interest rates are high! 

Faster Sale 

One of the biggest advantages of selling your house for cash is how quickly the process moves. When you sell your house through a traditional real estate agent, the process can take months. You have to find a buyer, negotiate a price, deal with inspections and appraisals and go through the lengthy closing process. Plus, there’s always the possibility that the buyer will pull out of the sale and you’ll have to start all over. 

When you sell your Washington DC house for cash, the process can be completed in about two weeks or so. This is particularly beneficial during a tough real estate market when buyers are scarce. Since cash buyers have the cash to pay for the home, you don’t have to worry about financing falling through. 

No Need for Repairs or Upgrades

Another major benefit of selling your house for cash is that you don’t need to make any repairs or upgrades. When you sell through a traditional real estate agent, you’ll need to make your house as attractive as possible to potential buyers. This may mean investing in upgrades, such as new appliances or flooring, or making repairs. 

However, when you sell your house for cash, the buyer is often an investor who is willing to buy the house as-is. This can save you both time and money, especially if you’re facing financial difficulties. Cash investors in DC typically renovate the home, so they don’t mind if there are things that need to be fixed. 

Avoid Foreclosure 

If you’re struggling to keep up with your mortgage payments, selling your house for cash can help you avoid foreclosure. Foreclosure is always a last resort because it can harm your credit score and make it difficult to buy another home in the future. 

Selling your house for cash lets you use the proceeds from the sale to pay off your mortgage and avoid foreclosure. This way, you can start fresh without having a foreclosure on your record, making it easier to rent or buy in the future. 

More Likely to Close 

When you work with a real estate agent, there’s always the risk that the deal will fall through. This can happen for many different reasons, such as the buyer being unable to secure financing or discovering issues with the home during the inspection. 

But, when you sell your house for cash, this is unlikely to happen. The reason why is because cash investors in DC have the funds to complete the purchase, and they are buying the property as-is. Therefore, the sale is much more likely to close successfully.

No Commissions or Fees 

Finally, when you sell your house for cash, you don’t have to pay any commissions or fees to a real estate agent. This can save you thousands of dollars, particularly if your house is expensive. Average realtor fees in DC are around 5 percent, which means you could be paying your realtor $22,500 on a $450,000 house! 

Additionally, you don’t have to worry about negotiating commissions with your agent, which can be stressful and time-consuming. Everything is transparent in a cash sale. 

As you can see, selling your house for cash can be a smart move during a tough real estate market. For a free cash offer on your DC property, contact 4 Brothers Buy Houses today. We are happy to help you with a quick and successful sale!

February 15, 2023

What is the Real Estate Commission in Washington DC?

If you plan on working with a real estate agent to sell your Washington DC house, be prepared to pay realtor fees. A realtor can help stage your house, list it on the MLS and show it to prospective buyers. They can also help determine the best price for your house. But just like any other service, realtors do charge fees. 

Only a small number of realtors work on salary, which means the majority work on commission. At one time, the going rate for a real estate agent was 6 percent, split between the buyer’s agent and the seller’s agent. Today, commissions typically run between 5 and 6 percent, with some room to negotiate. 

Let’s learn more about what the going rate for a realtor in Washington DC is and how to sell your home with realtor fees. 

Realtor Commissions in the DC Area 

The average real estate commission in Washington DC is around 5 percent. Some realtors charge more and some charge less, but overall, you can expect to pay around 5 percent of the purchase price of your home. So, if you plan on selling a house that’s worth $300,000, you’ll pay $15,000 in realtor fees. 

While this might seem like a lot, keep in mind that you’re getting a lot of services from your realtor. They will determine a fair price for your home, plus help you get it ready to sell. They will also be responsible for listing the house, marketing it and doing showings. 

If you have a home that’s in good condition and located in a desirable area, you should make enough from the sale to pay your realtor. If you have a fixer upper in DC or are behind on your mortgage payments, you might not make enough from the sale. In this case, you may have to explore other options. 

Can I Sell My DC House without a Realtor? 

If you don’t care to work with a realtor, you can sell your house by owner, utilize a broker on a real estate website like Redfin or sell your house for cash. There are pros and cons to each scenario. 

Again, as long as your home is an easy sell (good condition, desirable location), you can likely do a For Sale By Owner transaction. But be prepared to do all the heavy lifting, which includes listing the property, handling the showings, reviewing paperwork and negotiating. 

Selling on a real estate website like Redfin can help with some of this, but you will still be paying realtor fees and getting less dedicated support. A better option, depending on your situation, may be to sell your DC house for cash

When you sell to the cash buyers at 4 Brothers Buy Houses, you don’t have to worry about paying any commissions or fees! We will make a fair cash offer on your home, and if you accept, you get to keep it all! We require no appraisal or inspection, and we cover most closing costs. 

Furthermore, because we’re buying your home as-is, you’re not responsible for making repairs or improvements. We’ll take your home in its current condition and you get to close in just two weeks! To get a free cash offer on your DC home, contact 4 Brothers Buy Houses today. 

January 24, 2023

Is Spring the Best Time to Sell a House in D.C.?

Historically, spring is known as the best time to sell a house in Washington DC. The National Association of Realtors named mid-April specifically as the optimal time to sell a property. But with so many uncertainties – rising mortgage rates, high inflation, low inventory – you might not want to wait until spring to list your home for sale. 

The good news is that you have options – probably more than you think! You can go ahead and list your property in the spring, especially if you need time to prepare and want to wait for the market to heat up. You can also consider an alternative option like selling your D.C. house for cash. Ultimately, there is no right or wrong decision – the goal is to sell your house quickly and for the most money. 

Why is Spring Usually the Best Time to Sell a House? 

Homes that are listed at the end of spring and beginning of summer tend to sell faster and for a higher price. There are a number of reasons why this is the case: 

  • Better weather. After being cooped up all winter, people are ready to get out and start looking at homes in the spring. Plus, if they do find a house they like, moving in the spring is better than moving in the winter. 
  • More money. Because there are more people looking for homes in the spring, the competition is high, and this can result in a bigger offer. Some areas in D.C. still have low inventory, so some sellers are still seeing multiple bids. 
  • Improved curb appeal. The winter months in D.C. aren’t exactly the prettiest. But come spring, everything is coming in – blooming flowers, leafy trees and green lawns. This makes homes stand out! 

What if I Don’t Want to Wait Until Spring to Sell? 

While it might look good on paper to sell your house in the late spring or early summer, this may not be in your best interests. For every month that you keep your home, you are responsible for paying the principal, interest, property taxes and utilities. You are also responsible for maintaining the home. 

If you’re not in a position to do this, selling your D.C. house for cash is likely the better option. 4 Brothers Buy Houses is a home buying company that purchases properties all over Washington D.C. We always make fair offers that reflect the condition, location and size of the home. If you accept the offer, we can typically close in about two weeks. 

Furthermore, our cash house buyers in D.C. require no contingencies. There are no appraisals, inspections, repairs or cleaning you’ll have to do. The transaction is simple and straightforward. If you don’t want to wait till spring to sell your house, selling for cash can be a great alternative! Contact 4 Brothers Buy Houses for your free cash offer! 

November 25, 2022

Sell Your Washington DC House for Cash in 4 Easy Steps!

Are you interested in selling your Washington DC house? If so, you have a number of different options to get your property sold. You can list your house for sale with a realtor, sell it on your own or work with a cash home buying company like 4 Brothers Buy Houses. While there are benefits to each method, more people are choosing to sell their houses for cash. 

With a cash sale, you can sell your house quickly and move out in just weeks! It’s also a ‘clean’ sale, meaning that the transaction is between you and the buyers. There are no middlemen, like banks, lenders, appraisers or inspectors, which means you can negotiate directly with the buyer. 

We’ll show you how easy it is to sell your Washington DC house for cash! Follow these steps and you can be walking away with money in your pocket in just a few short weeks! 

Step 1: Get in Contact with Cash Home Buyers 

The first step is to get in contact with a home buying company. We recommend choosing a local company that is familiar with your market. They’ll be able to schedule a time to come out, look at your house and make a fair offer. In the meantime, you can tell them some information about your property, such as its condition, location and your reason for selling. 

Step 2: Schedule a Walkthrough 

4 Brothers Buy Houses does a quick 5-minute walkthrough. This is not a showing, so you don’t have to worry about straightening up or cleaning. We just want to see what we’ll be buying, the type of work that needs to be done and the unique advantages of your property. This is how you also get the most money for your house, as pictures typically don’t do homes justice.

Step 3: Receive Your No-Obligation Cash Offer 

Once the cash buyers have a chance to look at your property, they can make you a firm offer. Some companies will give you a preliminary offer and then make it firm once they see the property. Others do everything at once. When you receive the offer, you’ll have time to make a decision. We always tell sellers to weigh all the costs of selling their home the traditional way and compare this to the cash offer. In many cases, the cash offer is better! 

Step 4: Schedule Closing 

Another benefit in choosing a local home buying company is that you get to close at a local title company. Nowadays, many people are able to close at home by signing documents online. But it’s nice to know that the closing will take place in about two weeks or so at a local title company – and you can attend if you would like. 

If you’re ready to sell your Washington DC house for cash, the first step is to contact 4 Brothers Buy Houses. Our experienced cash buyers will offer top dollar for your property, and we’ll make the process seamless and stress free. Get your free, no obligation cash offer today and see what we’ll pay for your house! 

November 15, 2022

Could Washington D.C. Be on the Brink of Another Housing Market Crash?

The housing market is looking very different today than it did a few months ago. Earlier in the spring, Washington D.C.’s housing market was ‘supercharged.’ Housing inventory was low and interest rates were competitive, hovering between 3 and 4 percent during the months of March and April. Fast forward to November, and the current interest rates in D.C. are 7.3 percent for a 30-year fixed and 6.47 percent for a 15-year fixed.

With the market changing quickly, some experts predict a housing market crash that’s worse than 2008! Could this be possible, or is this just unnecessary hype? Let’s explore the facts we have now and your options for selling if you need to sell fast in D.C.

Could We Be on the Brink of Another Housing Market Crash? 

In a matter of months, the pandemic housing boom has turned into a bust. Some reports even show that home prices are falling faster than they did during the start of the 2008 financial crisis. According to an article in Seeking Alpha, here are some of the things we know today:

  • The number of privately-owned housing units under construction is at an all-time high of 1.7 million. However, the prices on these homes continue to decrease. Prices are falling as much as 4 percent in some areas!

  • With so many houses being built, experts wonder who is going to buy all of these properties at a 7.3 percent interest rate. With the current prices, these properties are already out of reach, which means they need another price cut.

  • Housing demand is much less than what it was, and the supply of homes is about to soar. Real-time housing prices are falling faster than in 2008.

  • One of the best indicators of future sales is the number of mortgage applications coming in, and even these are down 42 percent from last year.

  • Experts say the Feds waited too long to hike rates during the housing boom and now need to lower home prices, especially with over 1 million new properties about to hit the market. This exceeds 2006 numbers.

Knowing all of this information and looking back to the 2008 housing market crash, it’s possible that another crash is in our future. However, it’s hard to say what it will look like and how it will compare to 2008.

I Need to Sell My House in Washington D.C. What Should I Do? 

If you have a property to sell in D.C., you’re probably wondering what options you have. You can always try to sell your home with a realtor and see what happens. You might get several offers, or you might get none. It all depends on where your home is located, its condition, its price and other factors.

If your property needs some TLC, you’ll either have to invest the money to fix it up or sell it as-is. With new properties coming onto the market and increasing interest rates, most buyers aren’t looking for a fixer upper. For the money they’re going to pay, they want something new and nice.

4 Brothers Buy Houses is a Washington D.C. home buying company. We offer many benefits to the home selling process, including:

  • We’ll buy your house as-is. Don’t worry about having to make improvements, repairs, updates, etc. We’ll take your house in the exact condition it’s in. Save this money for your new home/rental!

  • We’ll offer you a fair price. We want the deal to work in both our favors. That’s why we will present you with a fair cash offer that you get to keep, as there are ZERO commissions or fees.

  • We’ll close in two weeks. Because our buyers pay in cash, there are no banks to wait on. We can typically close in about two weeks, and we pick up most closing costs.

If you have a property to sell and you don’t want to wait for the market to change in your favor, consider selling it for cash! Get in touch with 4 Brothers Buy Houses to see what we’ll pay for your house. Selling today can help you avoid the potential crash and get more for your property!

October 18, 2022

Top 5 Rental Scams Every Landlord in D.C. Should Know

The D.C. housing market is changing, forcing more people to hold onto their properties. If you are one of them, the idea of becoming a landlord and renting out your home might seem attractive. You can generate passive income and move onto the next chapter of your life while waiting for the housing market to improve. 

However, being a landlord isn’t all fun and games. Here are some of the most common tenant scams you’ll want to be aware of as a landlord. This way, you can protect your investment and choose a qualified tenant to rent out your home in D.C.

  1. Fake Checks for Rent and Security  

Typically, written checks that appear to come from a reputable bank don’t raise a red flag. But when the landlord goes to cash them, they realize these funds are invalid. Now, they have to try and collect the money and/or evict the current tenant, both of which are not easy to do. To avoid this, the FDIC and BBB have listed several ways to spot fake checks

  1. Rent Overpayment 

If your soon-to-be tenant offers to pay more than what you asked, this is a red flag. Scammers overpay on purpose and then ask for a refund. On your end, it might look like the funds are available, but it can take a few days for the money to clear. If you refund the balance and then notice that the check didn’t clear, you’re now out the money. The best way to prevent this from happening is by not accepting rent overpayment. 

  1. False Employment Records 

Always do your due diligence when qualifying a tenant. It’s not uncommon for tenants to provide a fraudulent employment history and ask friends or family to act as their employer. Tenants do this because they may not have steady income streams. Don’t just take their word for it – follow up with the employer and ask for other information to verify employment like pay stubs, bank statements and a letter of employment. 

  1. Fake Credit Reports 

Another thing that some tenants will lie about is their credit score. While a good credit score can indicate financial responsibility, it’s still a good idea to dig deeper into the tenant’s payment history. Always conduct your own credit and background checks. Don’t take the tenant’s copy – this could be a fake. 

  1. Renting on Behalf of the Owner 

Subleasing a property to a new third party isn’t illegal, providing it’s allowed within the terms of your lease. However, your tenant must notify you of this. Otherwise, they might collect months of payment upfront from the third party and never transfer the funds to you. By the time you find out and go to collect the money, the new tenant is there and has already paid their rent to the leaseholder. 

Unfortunately, this is not an exhaustive list of scams that happen to landlords. There are many things that can turn your investment strategy into a headache – and a money pit. If you’re on the fence about renting out your D.C. property, contact 4 Brothers Buy Houses. We’ll provide you with a free cash offer, and you can choose which path is right for you! 

September 25, 2022

Fall 2022 Housing Market Trends in Washington DC

Whether you’re planning to buy or sell a house in Washington DC, it’s helpful to know the trends and what you can expect from the housing market. This will help you prepare accordingly while also developing realistic expectations for the process ahead. 

If you haven’t been following the trends, you might be surprised to learn that the housing market has changed dramatically since the start of the year. Below is everything you need to know about the housing market trends for Washington DC this fall and winter. 

What is the Washington DC Housing Market Like Today? 

According to Redfin data, Washington DC home prices have gone down 1.5 percent since last year, selling for a median price of $650K. On average, homes in the DC area are selling in about 37 days, compared to 32 days last year. Also, 710 homes were sold in August this year, compared to 895 last year. 

The Washington DC housing market is still competitive. Some properties are still seeing multiple offers, and hot homes on Redfin sell for about 1 percent above the listing price and go pending in about 13 days. So, if you have a move-in ready home in a great area, you should have no problem selling your property. 

Nevertheless, the housing market in DC is slowing down. As we head into the fall months, we’re already seeing prices drop and homes sitting on the market longer. Buyers have more choices, and this is giving them more leverage, too. 

Are People Still Looking for Homes in DC? 

Home sales have slowed, but buyers are still looking. Through the first eight months of 2022, the number of home sales fell by 17.3 percent from the same time a year ago. While this number may sound significant, keep in mind that the 2021 housing market was historically busy. 

This article also points out that people are starting to look at close-in communities again, which was different from the start of the pandemic. At this time, there was more buyer interest in areas on the outskirts because people were working and attending school from home. But now that things are returning to normal, there’s an increased demand for homes in the District and closer-in suburban markets. 

What’s Ahead for DC Buyers and Sellers 

Buyers will be happy to know that the changing market conditions will leave them with more leverage and more options. House prices and interest rates might still be higher than usual, but buyers won’t be forced to make offers unseen. They’ll also have more time to get inspections, appraisals and even a home sale contingency. 

Sellers will definitely have to be more willing to work with buyers and possibly even adjust their price expectations. They may also be waiting longer to sell their homes, especially if they need to address problems that turn up during the inspection. But, this doesn’t mean that they won’t be able to find a buyer. 

Why Selling for Cash Might be Best 

If you want to sell your Washington DC house fast but missed the mark, you can still walk away with a strong offer when you sell your house for cash. The best part about this opportunity is that you can sell your house in its current condition, meaning you’re not responsible for repairs, maintenance or upgrades. For a house that needs a lot of work, this is a great alternative! 

To get your free cash offer from 4 Brothers Buy Houses, contact our team of cash buyers in Washington DC today. 

August 15, 2022

Increasing Mortgage Rates and How They’re Affecting the D.C. Housing Market

Remember when mortgage rates were at their lowest point in 2020 and 2021? As a response to the coronavirus pandemic, the 30-year fixed rate fell to 3 percent for the first time and kept falling to a new record low of just 2.65 percent in January 2021. Fast forward to today, and interest rates are looking very different. They continue to increase, with the average 30-year fixed rate at 5 percent at the time of this writing. 

Let’s talk more about why mortgage rates are increasing in the D.C. area, how long we can expect them to trend in this direction and how the housing market will be impacted.

How Interest Rates Affect the Housing Market

Mortgage loans come in two main forms – fixed rate and adjustable rate. The interest rate is the amount charged by a lender to a borrower to use their assets. There are a number of factors that affect interest rates, such as the state of the economy. 

A country’s central bank sets the interest rate – in the U.S. it’s the Federal Reserve Board – and each bank uses this to set their APRs (annual percentage rates). Central banks tend to raise their interest rates when inflation is high because it helps bring inflation back down. High interest rates discourage borrowing and reduce consumer demand. 

Since inflation is increasing, the cost of everything is going up, and this includes mortgage rates. Even though interest rates are high right now, they are actually a good deal by comparison. The long-term average for a 30-year mortgage in Washington D.C. is around 7 percent. 

D.C. Mortgage Rate Predictions for 2023 

Some experts predict that mortgage rates will hover around 5 percent next year, while others say they expect rates to reach 6.7 percent by 2023 and 8.2 percent by 2025. If the latter does happen, it will be the first time that the average 30-year rate moves past 8 percent since 2000. 

Ongoing inflation is a huge concern for consumers and investors alike. The market is unpredictable, and there are many external influences that are affecting the U.S. economy, including the Ukraine/Russia conflict. 

Hopefully, mortgage rates won’t go up to 8 percent in the next few years, but it’s safe to say that they won’t be falling, either. Therefore, if you’re in the market to purchase a house or sell yours, now might be the best time to make these decisions. Otherwise, you could be working under much different circumstances. 

With Rising Mortgage Rates and Inflation – NOW is a Great Time to Sell Your D.C. House! 

Things are quickly changing in D.C.’s housing market. The market is slowing down and giving buyers more control, gradually shifting over to a buyer’s market. Consider that 40 percent of listings currently on the market in the D.C. area have undergone a price reduction. 

If you have a property that you want to get rid of, now is probably the time to do so. We will be moving into the winter months before you know it, and the market cools down considerably at this time. Right now, you can likely sell your Washington D.C. house for more money, in a shorter amount of time and with fewer buyer demands.

4 Brothers Buy Houses will pay cash for your D.C. house. We use our own money – no financing – which helps the process move quickly. We can start the closing paperwork once you accept our offer, and you don’t have to worry about appraisals, inspections, home improvements, repairs, closing costs or realtor commissions. 

Contact our team of cash buyers in Washington DC today to get a free cash offer on your house. It’s no obligation, so see if the numbers work for you!

August 2, 2022

I’ve Fallen Behind on My Payments. Can I Still Sell My Washington DC House?

If you’re behind on your mortgage payments and you don’t see your situation improving, you might be wondering if you can sell your house in Washington DC. This will relieve you of your mortgage payment, and you can either rent or move in with someone while you improve your financial situation.

Let’s learn more about selling your house when you’re behind on your payments and the benefits of doing a cash sale. 

Can I Sell My Washington DC House if I’m in Foreclosure? 

The foreclosure process typically begins once you fall several months behind on your mortgage payments. In Washington DC, the servicer can’t officially begin the foreclosure process until you’re 120 days past due, though there are a few exceptions. This 120-period is meant to give homeowners in Washington DC a chance to catch up on their payments. 

The best time to sell your house is when you’re in pre-foreclosure. Once you’re in foreclosure, it’s only a matter of time before the bank has the legal ability to reclaim your house and sell it to recoup their money – and you’ll be forced to vacate. But you can sell your home any time before redemption. 

The benefit of selling your house when you’re in pre-foreclosure is that you have more time. You can make small improvements and work with a realtor to sell your home, or you can sell the property for cash. If you wait until foreclosure officially begins, you’ll be working against the clock. 

Knowing What Your Property is Worth 

If you’re behind on your mortgage payments, but your house is worth more than what you owe on the loan, you’re in a good spot. You can sell the house and use the profits to pay off the loan. Things get trickier when you owe more on the house than what it’s worth, something called an underwater mortgage

In this case, you may want to sell your Washington DC house in a short sale. You will end up “short” when paying back the lender, but they will have already agreed to accept this. Getting your bank to agree isn’t easy, however. Lenders lose money in short sales, so this is not an ideal solution. That being said, some lenders will take a short sale over a foreclosure, so they may agree to it. 

Other Options to Consider 

As long as you can sell your home for more than what it’s worth, this is what you’ll want to move forward with. Find out how much you own on the loan, along with any fees. Then you can work with a real estate agent and/or cash buyer in Washington DC to determine how much you’ll get for your property. 

What makes a cash sale ideal is that the process is quick, there is no need to make improvements or repairs and most costs are eliminated – inspections, appraisals and closing costs. 

Other options you can look into include: 

To get a free cash offer on your Washington DC property, contact 4 Brothers Buy Houses. We buy houses as-is, and we often work with people to stop foreclosure. Find out what we can do to help you today! 

July 28, 2022

Everything You Need to Know About Washington DC Real Estate Taxes

DISCLAIMER: Our blog posts are intended for educational purposes only. They are not to be used as financial, tax, legal or real estate advice. Please contact a tax professional, real estate attorney or other professional for clarity on your specific situation. 

Many people forget about real estate property taxes when selling their home in Washington DC. But this is something that you’ll definitely want to consider since they can impact your monthly mortgage payment or any gains on the sale of your property. 

If you’re planning to sell your house in Washington DC, it’s important to familiarize yourself with local real estate taxes, property taxes and capital gains. This way, if you do have to pay any of these taxes at the time of closing, you’ll know what they’re for. 

Here’s everything you need to know about real estate taxes in DC. 

Different Types of Taxes, Explained 

When you’re a homeowner in Washington DC, you’re responsible for paying taxes. Taxes are the primary source of revenue for governments, and they are used to fund things like streets, schools, emergency services and welfare programs. 

Here are the different taxes that homeowners might pay: 

  • Property tax. Property tax is a major source of revenue for Washington DC. According to this article, property taxes in DC average 4.6 percent of income, making it one of the places with the highest taxes. 
  • Capital gains tax. A capital gain happens when you sell an asset for a higher price than you bought it for. However, most people do not have to pay capital gains tax. Unless you made gains above $250,000 for a single person or $500,000 for a married couple, you don’t have to worry.  
  • Real estate tax. Real estate tax and property tax are essentially the same thing. Most people refer to real estate taxes as property taxes. However, property taxes can include other assets such as vehicles, boats, RVs, planes and motorcycles. 

Do You Have to Pay Taxes When You Sell Your Washington DC House? 

Taxes might be on your mind if you’re planning to sell your DC home. But you’ll be glad to know that you’re unlikely to make enough money to incur a tax burden. Capital gains taxes are applied to the amount of gains you made, and unless those gains are $250,000 (single person) or $500,000 (married couple), you don’t owe anything.

There are a few other qualifications you’ll need to meet to avoid paying taxes. You can only take the capital gains exemption if the house has been your primary residence for at least two years. And, you must be the home’s owner. If you were living in your parents’ home, you would not be exempt. 

Now, if you are planning to sell a second home, it is not entitled to the capital gains exclusion. This is because it doesn’t meet the IRS definition of a primary residence. If you want to avoid capital gains taxes on a second property, you’ll need to rent it out, perform a 1031 exchange or use it as your primary residence. 

Get a FREE Cash Offer on Your DC Property Today! 

4 Brothers Buy Houses pays cash for houses in Washington DC. We help homeowners solve their real estate challenges – and we can help you solve yours! We’ll waive your appraisal, inspection and most closing costs. And because we buy houses as-is, you’re not responsible for any repairs or improvements. Contact our cash buyers today to get your free cash offer.