Here are four great reasons to consider buying a home today instead of waiting.
1. Prices Will Continue to Rise
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
"The Washingtonian" asked me if I could provide a few tips for navigating the D.C. market, and I obliged. Here are their questions and my answers to them.
Welcome to another episode of “What’s Working Now!”
Today I want to share some tidbits from an upcoming Q&A feature I did with Marissa Kashino of The Washingtonian about tips for navigating the D.C. real estate market. Here’s an exclusive look at some of her questions and my responses.
“What street or streets tend to be especially desirable? That is, where houses sell fast and where buyers stalk listings?”
A different perspective is to consider the potential impact busy streets have on desirability. In a balanced market, a home on a busy street might be discounted 15%
Sunny, one bedroom, one bath condo, updated kitchen with table space, bright living room & dining area. Building amenities include fitness center, outdoor pool, rooftop lounge and party room. Steps to Giant, Starbucks, shopping, restaurants & Whole Foods. Move right in!
Monthly condo fee: $481 includes water, sewer, heat, electricity, building maintenance, maintenance of common areas, professional management, master insurance policy, reserve funds, pool, snow removal & trash removal.
Visit www.5301WestbardCircle247.com for architectural photos and color floor plan.
The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.8% according to CoreLogic.
Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!
Thinking about buying or selling? You probably have questions. CLICK the link below for a free, confidential 17 minute conversation... LET'S TALK!
The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.
Historically, inventory must reach a 6-month supply for a normal market where home prices appreciate with inflation. Anything less than a 6-month supply is a sellers’ market, where the demand for houses outpaces supply and prices go up.
As you can see from the chart below, the United States has been in a sellers’ market since August 2012, but last month’s numbers reached a new low.
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks.Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades.
Bottom Line
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate
Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.
1. Price it a LITTLE LOW
This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In reality, this just dramatically lessens the demand for their house (see chart below).
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will
Sunny, one bedroom, one bath condo, updated kitchen with table space, bright living room & dining area. Building amenities include fitness center, outdoor pool, rooftop lounge and party room. Steps to Giant, Starbucks, shopping, restaurants & Whole Foods. Move right in!
Monthly condo fee: $481 includes water, sewer, heat, electricity, building maintenance, maintenance of common areas, professional management, master insurance policy, reserve funds, pool, snow removal & trash removal.
Visit www.5301WestbardCircle247.com for architectural photos and color floor plan.
Updated 2 bedroom condo with 2 full baths, great kitchen, balcony w/ park views and garage parking. First class building with 24-hour front desk, 2 pools, party/social room, fitness center, laundry room on each floor, underground access to Giant, steps to Metro, restaurants & shops.
Monthly Condo fee: $986.00 includes gas, electric, water, sewer, heat/AC, reserve funds, professional management, maintenance of commons areas, trash removal, condo liability insurance & building amenities.
Building Amenities: 24-hour front desk w/ package acceptance, 2 pools, fitness center, party room, washer & dryer on each floor, underground access to Giant, steps to Metro, up to 2 cats ok.
In many areas of the country, there are not enough homes for sale to satisfy the number of buyers looking to purchase their dream homes. Experts have long proposed that a ramp-up in new, single-family home construction would be one of the many ways to overcome this inventory shortage.
According to a recent survey conducted by the National Association of Home Builders (NAHB) andWells Fargo, housing market confidence amongst builders reached an 11-year high last month.
What Does High Confidence Mean for the Housing Market?
In a recent interview, Rob Dietz, Chief Economist and SVP for NAHB, put it this way:
“Higher market confidence will translate into more building and more inventory in 2017. We expect single-family construction to grow
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