Tuesday, July 22, 2014

Top Reasons to Buy Northern Virginia Real Estate This Summer

Homebuyer confidence has been strong this summer, with many home sellers seeing traffic and interest in their available Northern Virginia properties. Much of the motivation can be attributed to the rising interest and housing prices in the local markets, but not all homebuyers are convinced just yet. 

If you've been contemplating making a move to a new home in Fairfax County, Arlington County or Alexandria City, let the following reasons help you see why buying a home in Northern Virginia might be better completed sooner rather than later.

Home Prices
As I mentioned above, housing prices are rising in real estate markets nationwide. It's a common factor that has driven many homebuyers to get in while the numbers are hovering around affordable levels. And while you might be holding off purchasing a home due to these increases, know that home prices are still "nearly 20 percent off their mid-2006 peak," according to the S&P/Case-Shiller Home Price Index. The index shows average U.S. home prices currently at summer 2004 levels.

Interest Rates
Another major factor for Northern Virginia homebuyers this summer, interest rates are slowly rising and expected to continue their climb. Some experts project mortgage rates could hit 5 percent by the end of the year or even early 2015— so don't put off your move too long. I'm here to help find a home that meets your criteria at a price that you're happy with this summer or in the coming months. With my expertise in the local market, we can complete a home purchase before the rates climb to the projected 5 percent.

Renting Is Expensive
You've heard the question before— why rent when you can own? The rising costs of rent are enough to motivate many Northern Virginia residents to purchase a home this summer and with rents only expected to rise, this should be a major factor for those on the fence as well. If this is your first time buying, I can help you factor in every cost to feel comfortable about the change.

The local real estate market is poised for many increases as the year progresses, so don't miss out on current levels! Contact me today to search available properties in the NoVA area.

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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