Nosediving Real Estate Market-Buy or Hold Off

By
Real Estate Agent with Samson Properties VA0225077251

Being bounded at home and reading the chaos/commotion in the market place can be very stressful. Many of us have lost major investments and retirement funds in the past few weeks. Consumer confidence and unemployment rates are at its worst. Definitely a lot of anxiety and uncertainties in the Fairfax and Loudoun county real estate market. 

Northern Virginia or across the country home buyers are confused about buying or hold off buying a home.

Here are 3 different scenarios that may help you to make a decision on whether to buy a home now or wait until the market improves or changes happen.

  • With the rising uncertainty if the home prices drop similar to the 2008 financial crises.
  • The interest rates increased due to tighter mortgage guidelines (we have already seen jumbo and FHA revise their guidelines in March 2020).
  • The below breakdown is assuming you are putting a 20% downpayment on a conventional loan.  

If the above stands true and you’re buying a home with long term ownership you may buy whenever you are ready to make a commitment! 

Even though macroeconomy may influence the economic landscape and impacts on the majority of the industries. The recovery of the real estate market will be driven by our local economy. In the 2008 financial crisis, Northern Virginia did recovery faster compared to other areas in the country.

  

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 
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Rainmaker
163,816
Dr. Karen Lewis, Broker 954-2489149
K1 Realty Group - Miramar, FL
No Compromise When it Comes to Our Clients!

I am being asked that question - should I buy or hold off and my answer is, one size does not fit all so I would have to see what the situation is with that client(s) and then share my recommendations.  If I was an investor, I would hold off because I think they will have some great opportunities later.  

Apr 08, 2020 06:18 AM #1
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Rainmaker
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Ritu Desai

Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949
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