Yes, I know it's a very busy holiday weekend, regardless of your religious affiliation. But this is the height of the Spring market -- homes that are in good condition and priced right are selling in a matter of days, with multiple offers.
Low interest rates, lack of inventory, and an improving economy have all helped turn the market around, but four big financial reasons should be pushing you out the door to see what's available:
1) Interest rates are increasing. That means housing will cost more, even if prices stay low. Waiting for the market to "bottom out" isn't making as much sense as it did just a few months ago.
2) The 30 year mortgage may be on its last legs. The government's role in supporting home ownership is changing, with the possible elimination of Fannie Mae and Freddie Mac, and a guaranteed 30 year rate may soon be a thing of the past.
3) Qualifying for a mortgage is going to get tougher. Minimum credit scores of 690, 20% down payments, increasingly conservative debt ratios -- these are all proposed changes to requirements for a qualified residential mortgage.
4) Rents are going up. As the supply of available rentals decreases, and demand for them increases, rental costs are expected to go up accordingly.
So pack your gang into the car and take a look at some of the fine homes open this weekend. We have two Open Houses on Saturday - 211 S. Lee Street in Falls Church City and 306 Commerce Street in Old Town Alexandria.
And on Sunday, you could stop in at 2748 S. Buchanan Street or 4839 Little Falls Road, both in Arlington, or 1824 Westmoreland Street in McLean. We even have a listing at 427 Lincoln Avenue in Falls Church City that's open Sunday. Follow the links for more photos and information.
Enjoy your holiday, and then get out there and see what the Spring real estate market has to offer you. It's a great time to buy!
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