Mortgage Interest Rates are still low

Yes, people in the real estate industry have been talking about raising interest rates for years now.  Let’s face it – who knew that rates would have remained this low for this long.

I bought my 1st home in the 90s with 8.75% interest rate and thought that was great.   I re-fied my 1st condo in Washington DC down to 5% from 6.5% and was excited.  When rates dropped even lower – I sold and bought something bigger.  That was over 4 years ago and rates have jumped (well maybe you should call it a hop) around; but are even a little lower now.  Who knew?!

Experts (myself included) have warned that rates will increase.  Well they will – I promise.  Someday.

According to news from the FED and all the experts and pundits – it sounds like rates will remain close to where they are until September.  Maybe?  But with world events and our economy so tied together – who knows really?

I think the overall good news is this: rates are CRAZY LOW.  Take advantage of this now.

Don’t want to move for a few years?  Have you thought of buying that retirement home now?  Prices are still low in 2nd home/vacation home spots – rates are low; buy it now and rent it out for a few years until you are ready to move in yourself!

keys and money

THINK ABOUT THE MATH

Loan $400k    @ 4%  =  $1909.66 a month

same Loan       @ 5% =  $2147.29 a month

oh and that “GREAT” rate I had in 1995?  @8.75% = $3146.80

I couldn’t afford my current home at that rate!   Be smart in your long-term planning !

Winter is still a great time to Buy

Tweet Real Estate experts agree that home buying in the winter is a great time to be looking to purchase property – and Washington DC is no exception. The cold winter months keep home sellers on the sidelines. Many home sellers and their agents keep homes off the market and wait for warmer weather. It…

It’s a bird; it’s a plane; nope it’s just a drone

Tweet I read a good article this week :  http://www.inman.com/next/drone-technology-helps-agents-sell-houses/   about the use of drones for real estate photography.   Currently in the US; the FAA does not allow the use of drones for commercial purposes.  Our neighbor to the north; Canada – does allow their use; although heavily regulated. There has been a push…

Most Expensive Home Sold in DC last month

Tweet So what was the most expensive home sold in DC last month? This NW DC gem; located in Cleveland Park. It sold for 5,950,000. It was listed for 6.5 mil; and sold for CASH in 129 days. Impressive.                                …

Tweet $320,000, 3Bd/1.5Ba Single Family House, 1470 sqft. James Downing | Real Living | At Home | 703-244-3971 6311 Inwood St, Cheverly, MD 20785 Great 3 bedroom home 3Bd/1.5Ba Single Family House $320,000 Year Built 1947 Sq Footage 1470 sqft. Bedrooms 3 Beds Bathrooms 1.5 Baths Floors 3 Parking 2 Carport Laundry In Unit Lot…

Why should a home seller care about “coming soon”?

Tweet One of the new and popular (and somewhat controversial) trends in today’s real estate is the promoting of properties before they are ready to officially hit the market. This “coming soon” idea comes in many forms. Good idea? Bad idea? Real estate is not; nor will it ever be “one-size fits all”. I think…

Getting Ready for that Home Inspection

Tweet Home Buyer’s most always ask for a Home Inspection as part of the Buying Process. Inspections typically take about an hour for a condo or 2-3 for a single family home. We would like to share the Top items that inspectors often find and cite as issues in their reports: 1) Dirty Furnace Filter….

Don’t Do It!

Tweet You’ve seen lists telling buyers what to do to find the right home but knowing what not to do can be just as important.  After finding the right home, negotiating a contract, making a loan application and inspections, buyers, understandably, start making plans to move and put their personal touches on the home. In today’s tenuous lending…

Let’s look at that property weekend after next…

Tweet While the DC Real Estate market is having a small seasonal slow-down – it’s not SLOW and buyer’s don’t have the luxury of moving slowly. We have had buyers tell us; well let’s see that house next week or after my 10-day vacation. Well don’t expect that home to still be available. A seasonal…

If it’s taking you years to buy a house – it’s time to rethink things

Tweet Washington DC continues to have a strong sellers market and proves to be a challenge for buyers. Although I am seeing a few signs of cooling down, I believe much of the slow-down is seasonally related. Summer is slower as many folks are heading on vacation or trying to beat the humid 90 degree…