Originally Shared 1 Year Ago — What Was True Then Is Even More True Through N. VA in Spring of 2018
Locally, throughout the Northern Virginia market place home buyer confidence continues to be strong. A vibrant local economy and growing jobmarket providing many with great options and opportunities. Presently there are two very different market environments taking place at the same time in Fairfax Va as well as the rest of the region.
This holds particularly true in some specific areas in and around Kingstowne 22315 and 22310 zip codes. The shortage of housing inventory; homes for sale at the entry and move-up levels combined with a surplus of homes in the Luxury and High End prices ranges make now an ideal time for those considering a Luxury Home to take the next step.
For most families, choosing a new home is the biggest financial decision they will ever make and for that reason, there are many complicated decisions involved in choosing your new home and also with selling your present home. Our recent home selling and home buying clients have both had great results; exceeding the current market conditions for the real estate market.
Here are four great reasons to consider buying a home today instead of waiting.
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.8% over the next year.
The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained around 4% over the last couple months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by at least a half a percentage point this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You are Paying a Mortgage – Make It Your’s Not The Landlord’s
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
4. It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Source Dave Martin’s STM BLOG…
To protect your interests and make certain that you make the best decisions possible, it’s important that you have an experienced and knowledgeable real estate agent who will watch your back and is an expert in the local real estate market. We are committed to keep you informed and on top of the local Northern Virginia real estate market. You can be certain that we will provide all the information you need to make the best choices for you and your family. We have been helping individuals, couples and families to purchase and sell homes in Alexandria and the surrounding areas of Northern Virginia for the last four decades and we would love the opportunity to help you too. Whether you are buying your first dream home or next we will take the time to answer all your questions and always give you the best advice available so that you can make your dream home a reality.
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