There are many more, but here are four reasons to consider buying a home in Northern VA today, instead of waiting.

1. Rising Prices

Yes, overall prices are and expected to continue to rise in Northern VA. The most recent CoreLogic Home Price Insights Report shows  over the last 12 months home prices have appreciated by 3.6%. The report predicts continued increase in prices at a rate of 5.8% over the next year.

The bottom in home prices in Northern VA has come and gone. Values will appreciate for years to come. Waiting no longer makes sense.

2. Mortgage Rates Expected to Increase Next Year

Freddie Mac’s Primary Mortgage Market Survey indicates that interest rates for a 30-year mortgage have recently dropped to 3.5%. This has been amazing news for buyers in the Northern VA market, because low interest rates increase your purchasing power. Most experts predict rates will rise over the next 12 months , so don’t wait. The economists with  Fannie Mae, Freddie Mac, the National Association of Realtors, and The Mortgage Bankers Association are in unison, projecting that mortgage interest rates will be higher by this time next year.

Keep in mind an increase in interest rates will increase your monthly payment.

3. You Are Paying Someones Mortgage 

Some Renters who haven’t purchased a home yet do so because they’re uncomfortable taking on the obligation of a mortgage. These renters should realize that, unless you’re living with your parents rent free, you are paying a mortgage – it’s just not your mortgage.

If you are a home owner, your monthly payment is a form of ‘forced savings’ that allows you to grow the equity in your home you can use later in life. Renters monthly payments go into the landlords equity.

4. Move Forward With Your Life

The true cost to purchase a home in Northern VA is determined by two main components: the purchase price and the current mortgage rate. Both are on the rise in the Northern VA real estate market.

But what if they weren’t on the rise? Would you wait to purchase a home?

Consider again the actual reason you would be buying home and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over your own castle, maybe now is the time to buy.

Bottom Line

Buying a home in Northern VA sooner rather than later will lead to more long term savings. Let’s get together to talk and determine if homeownership is the right choice for you this fall.