Tuesday, February 4, 2014

Buying Northern Virginia Real Estate Before Spring

Despite the weather, Homebuyers in Northern Virginia may be surprised to note that now is actually a great time to buy homes in Alexandria, Arlington, Falls Church, DC, or McLean. Spring and summer are traditionally busy months for homebuying and laden with more buyers than the current market— competition will be considerably higher. Along with more price increases and rising mortgage rates, below are a few more reasons to get a jump on purchasing Northern Virginia real estate before spring.

 The Supply of Homes Is Decreasing
Unlike mortgage rates and housing prices, the amount of homes for sale is actually shrinking. Especially as more homebuyers look into buying homes in the area, you may have trouble finding your dream home going forward. For instance, those homes in the best area with the best curb appeal and value sell quickly— don't delay! Homebuyers will find difficulty in choosing from a large supply if they wait until spring.

 More Price Increases
You guessed it— more price increases are coming! In fact, KCM reports that "Prices are projected to appreciate by over 25% from now to 2018." Buyers who wait until spring, especially those first-time buyers, will likely may more in both housing price and mortgage rate. Homes will appreciate in the next few months and you will end up paying more for the same home if you wait.

 Help Yourself
Did you know that the net worth of the average homeowner is 30 times greater than that of a renter? Whether you buy a home in Northern Virginia or rent, you're still paying a mortgage— it just may be your landlord's. Make the investment now, save yourself money in the long run, and call yourself a homeowner by spring.

 Interest Rates on the Way Up
Just like housing prices, interest rates are headed upward! "The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by this time next year," reported KCM. "That is an increase of almost one full point over current rates."

 Ready to make your move and partner with a trusted, experienced real estate professional in Northern Virginia and DC real estate? I can help you find the right home and at the right price! Contact me today to get the ball rolling.


I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore


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