What makes now one of the best times to buy your first home, move up to a larger home, or buy an investment property in Haymarket, Virginia? It is simple. The long term interest rates are at historically low levels and home prices appear to have bottomed out.
With rates fluctuating as low as 3.75% and median home prices in Northern Virginia slightly above the bottom of the market, which occurred in the spring of 2009, an individuals buying power is higher than it has been in decades. One misconception many people have, especially those who are first time buyers is that you have to have stellar credit and large down payments to qualify for the really good rates. That simply is not true. Yes, you have to have decent credit and the ability to show you can pay your debt on time; however, FHA offers 3.5% down payment loans and the VA and USDA offer 0% down payment loans all requiring and minimum credit score of 620 to 640 for the prevailing rate and no benefit to buyers with credit scores that are higher. FHA loans are available to all buyers, while VA and USDA loans have certain eligibility criteria.
Once the national economy recovers and it will, it always does, you can be sure that the long term interest rates will return to a more normal level of 6% to 7%. That 2 to 3 point swing can mean the difference of about $700 per month in the mortgage payment and about $250,000 over the life of the loan. Wow-that is serious money and the cost of waiting to buy could mean the difference between a single family home and a town house or in some cases take you out of the ability to buy all together. If you were trying to catch the bottom of the market as related to home prices you most likely have missed it. Good news is prices in Northern Virginia seemed to have held steady just above the low point in the spring of 2009, yet rates have hit all time lows. Don't wait until the national economy fully recovers or you are likely to see both rates and prices at levels that will seriously impact your purchase power.
"A man who wants to lead the orchestra must turn his back on the crowd." - Max Lucado
Fact is that with all the negative stuff in the media, many do not understand what a great opportunity they have before them. The next time you are in a conversation with friend, a family member or colleague at work and you notice or they mention that they want to buy their first home, or need more space, or want to buy their first investment property...Please take out your phone, look up my number and call me immediately so we can talk about how you can introduce me to them!
I specialize in the areas of Haymarket, Gainesville, Bristow, Manassas, Warrenton and the surrounding communities in Prince William County and Northern Virginia. Whether you are buying your first home, moving up to a larger home, downsizing, relocating in or out of the area or investing in real estate, I can help. My dedication to perfection and commitment to excellence is why I have successfully closed more than 100 transactions and 40 million dollars in real estate. With the climate of today’s market it is more important than ever to hire a full time, highly trained real estate professional that has your best interest at heart. I constantly look for opportunities to increase my level of service and exceed my client’s expectations. If you are considering listing your property in Northern Virginia you will want to see how my digital marketing strategy will give you the advantage you need in this market. Call me today (703)517-2574. I would love the opportunity to earn your business.