7 Reasons to Buy a Home Now in Northern Virginia
The 7 Reasons To Buy A Home Now:
The investment in real estate is always an opportunity to expand your portfolio and invest in one of the most stable, long-term investments available today. Yet, many people are on edge, worried about the risks of investing after the Great Recession and because of falling home prices a few years ago. Why should you buy, especially in Northern Virginia, now? There are 7 reasons to buy a home now you cannot avoid.
1. Interest rates are highly affordable
Interest rates remain highly affordable and that means it is less expensive to buy a home now than it may be in the coming months should rates rise. Bankrate.com quoted 30 year fixed rate interest rates at 3.70% as of the middle of March 2016. Will rates rise? Many experts believe they could by the end of the year. Just a few percentage points higher and you’ll pay thousands of dollars more to buy your home in interest.
“With interest rates this low it makes sense to move up now”
2. The spring market is warming up
Spring is a time for moving. People begin looking at homes now because they hope to move in the summer months while school is out and the move for kids is easier to make. If you plan to buy a home now, chances are good you’ll have more to choose from in the coming months than if you wait until mid-summer or fall to buy. With the added inventory, you may see home prices remain very affordable as well.
3. Other people are buying now
Even if you don’t want to make your buying decisions based on what everyone else is doing, this really does play a role in why you should buy now. With more buyers on the market, you could see a lot of interest in the home you are living in should you choose to list it. For many home buyers, selling their current property is the big “if” when buying. With more buyers in the market, you’ll appreciate the interest.
4. The market is already warming up
Generally speaking, we see home sales remain slow through January and February. However, this year, the Northern Virginia Association of Realtors is reporting that Fairfax and Arlington counties saw more than 1,108 homes sold, which is more than a three percent increase over the same time period in 2015. That means the market is warming up, and it could prove to be a highly competitive spring season.
5. Homes are affordable
Another big reason to buy a home in Northern Virginia now is as simple as the fact that homes are more affordable in the area than they were in the period from 2002 to 2006. In fact, the market has stabilized and we haven’t see home prices fall, but climb slowly. Right now, though, they remain affordable. The median sale price for a home for sale in Fairfax County, for example, is $473,250 for the period of December 17 through March 16.
6. You can still find a deal
Although the number of foreclosures, pre-foreclosures, bank owned properties, and auctions has fallen over the last few years, there are still good deals to be had. As of the middle of March 2016, there were about 125 homes in the region that were listed as these types of deals. While you do need to invest wisely in these properties, for those looking to flip a home or buy a home at a discount, it may be possible to do that as well.
7. The future looks good
The long-term financial outlook of Northern Virginia is solid. The economy here is improving. There are signs of new construction and development throughout the region. And, there are more people buying their first home and moving away from renting. These are all key indicators on the benefits of owning a home here. Buying now can even add value to your home over the coming years, making it more valuable and creating built-in equity.
Take into consideration all of these reasons and ask yourself why you are waiting. Could now be the best time for you to buy the home of your dreams or to expand into a larger home right for your family? By all of these indications, now is the time to buy in Northern Virginia.