Fall is nearly here and it’s a great time to start fresh in a new Metro DC home! While you may think summer is the busy season for real estate, that doesn’t mean your time to buy ends with the closing of your local neighborhood pool. Now can be one of the best times of the year to buy a home and as your local DC real estate experts, we’re sharing four reasons why below:
Mortgage rates will rise
Mortgage rates are still near record lows, but that won’t be the case for too much longer! Experts expect 30-year mortgage rates to continue to fluctuate near historic lows through the end of the summer before beginning to climb this fall.
Home prices will rise
If you’ve been wondering where Washington DC, Bethesda, Chevy Chase, or Northern Virginia home prices will go over the next year, the answer is UP! According to Fortune.com, since the onset of the pandemic, the median home price in the US is up 24 percent and home prices are expected to continue their upward trajectory through the end of the year.
You’re paying a mortgage either way
Think of it this way— regardless if you rent a home or buy, you’re still paying a mortgage! If you buy a Washington DC area home, you’re paying your own mortgage. If you rent, you’re paying down your landlord’s mortgage! New homeowners will have the benefit of building equity in their home which can help build your family’s wealth, while renters will continue to help their landlord do the same.
Winter is coming
Real estate deals are indeed made no matter what season it is, but you will want to consider the upcoming East Coast winter weather and busy holiday season! Decide if you would prefer to take advantage of market conditions now while the temperatures are still favorable to move to a new home in Washington DC, Bethesda, Chevy Chase, or Northern Virginia or move homes with snow and ice on the ground.
You could end up paying more for a mortgage in just a few months’ time if you wait to buy, not to mention deal with the frigid weather! Contact The Estridge Group today to get started on your DC Metro home search this fall!
We look forward to hearing from you!