Are you still sitting on the fence about buying a new home? Buying a home isn’t a decision to be made lightly. To many buyers in Northern Virginia did that in 2003-2006 and the local real estate market paid the price.
However with prices on the rise again and interest rates starting to rise if you are ready to be a homeowner then waiting is cutting into your buying power. Here’s a chart to help you see what I mean.
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 the this time next year. That is an increase of almost one full point over current rates.
Just some food for thought. If 2014 is the year for you to buy a home or make the move to a larger one give Cindy Jones a call at 703-346-2213 and let’s talk about next steps. If you want to start searching for your new home on your own check out CallNovaHome for listings updated every 15 minutes from the MLS.