Whether your current home feels like it’s so small that it’s about to burst or you would simply like to have more room for your family to enjoy, if you’re thinking about buying a bigger home you may be wondering if now is the best time to buy. In this post we’ll share some insight into a few factors that will help guide your decision as to when to purchase a bigger home in Northern Virginia.
The Summer Peak Has Passed
Now that the summer real estate peak has passed and real estate markets in Northern Virginia have begun to slow down there will be some great deals on bigger homes. Sellers that have had their listings up throughout the summer without any success are generally willing to entertain any offer that comes to the table, providing you with a bit of leverage and a chance to save quite a bit when compared to even just a month ago. You’ll also face less competition from other buyers who may be thinking about placing a bid on the same home that you’re after.
In Many Major Cities, Prices Are on the Rise
Although the market is beginning to cool, prices in many areas are rising. For example, the median sales price in Ashburn, Virginia was just over $463,000 in August 2014, reflecting a year-over-year increase of about ten percent compared to $422,000 in August 2013. In Fairfax the median sales price in August was about $505,000, up about eight percent over last year’s $467,000. While it’s impossible to predict the future, recent trends have been positive for most of the cities and towns here in Northern Virginia. If you have a particular city in mind and you would like to know more about the pricing trends in that area, contact us and we’ll be happy to dig up the data.
Mortgage Interest Rates Can’t Get Much Better
Mortgage rates – and interest rates in general – have been at historic lows for the past couple of years. However, now that federal GDP data suggests the market is improving and the Federal Reserve is starting to taper its Quantitative Easing program you can expect that bonds will become more expensive and thus, interest rates will rise. If you plan on using mortgage financing to cover some of the costs of your new home, it’s a good time to discuss interest rates with your broker or lender to determine when they might increase.
Don’t Delay – Contact Us for More Information
If you’re interested in learning more about buying a larger home in the Northern Virginia area, contact The E4Realty Group today at 703.722.5018. Come in to our offices for a consultation where you can share what features and amenities you’re looking for in a bigger home, where you would like to live and other key details. We’ll provide property listings that suit your needs perfectly and schedule viewings so you can see them in person.