September 24, 2017

Higher Prices, Inventory, and Low Rates Benefit Both Buyers and Sellers

Home prices are up, but so is inventory in Northern Virginia, which is proving to help both buyers and sellers as we move into the dog days of summer. With 30-year fixed rates as low as 3.8 percent, conditions are ripe for continued steady activity as we head into the fall. Although average home sale prices in June for Northern Virginia were virtually unchanged from June 2014,  overall year-to-date home sale prices are up more than 2 percent according to RealEstate Business Intelligence … [Read more...]

Morgage Rate Update: Buy Now or Pay Later?

In a recent piece for The Washington Post, Kathy Orton highlights two studies that point out something I've been alerting my clients about recently: the impact of potentially rising interest rates. Truth be told, we've been hearing for years from mortgage experts and market analysts that mortgage interest rates will rise considerably in the near future, yet rates remain at historic lows. It is true that  we currently don't have the absurdly low 3.5 rates that we had for 30-year mortgages in … [Read more...]

How Much Can I Afford?

Spring is around the corner, and many soon-to-be first-time home buyers are gearing up for the big home search. The first question many of these buyers often want to know is: How much can I afford? That all depends on several variables. The first few considerations include how much cash is paid up-front, the transaction cost, and how much the buyer can afford as a monthly mortgage payment. Buyers must consider and calculate the potential costs of each. The cash needed to complete a real … [Read more...]

Your First Home Depends on a Tidy Financial House

A competitive market, low inventory and some pricey property can foster a whole host of financial calisthenics for first-time homebuyers. That doesn’t mean, however, that snagging that great first home is impossible. In fact, a few preparatory financial maneuvers early in the process can get you closer to that dream home that you think. Jeff Divack, senior loan officer at Intercoastal Mortgage Company, says homebuyers should talk to a lender early but also be proactive on a number of personal … [Read more...]

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