But buyers should beware that their closing costs would likely be higher in real life. Not included in the report were title insurance, title search, taxes, other government fees or escrow fees.
Even more, the Office of the Chief Financial Officer predicted that the average sales price of a District home will hit $769,800 in 2014 — jumping to $813,600 in 2015. Currently, median single family home price in D.C. is around $600,000, while the average price is $713,000.
Bankrate.com surveyed up to 10 lenders in each state in July 2014 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment in the state’s largest city. Costs include fees charged by lenders, as well as third- party fees for services such as appraisals and credit reports. The survey excludes title insurance, title search, taxes, property insurance, association fees, interest and other prepaid items.