Potential Home Buyers are Securing Mortgages at record highs since 2010
The combination of low interest rates and rising home prices could prove to be a competitive spring housing market in 2018. Based on the low inventory of homes on the market and the scare of future rate hikes the housing market in Northern Virginia could prove to be swift ( see charts below). Potential homebuyers are already showing an interest in buying. Loan applications are on a rise which is indicator of rising purchases of homes as reported by CNBC
Contracts for purchasing a home will be crucial and buyer’s will need to be savvy with offers. Don’t be surprised to see multiple offers on homes that are priced correctly. Northern Virginia we will be on a bit of a roller coaster in the housing market over the next few weeks as sellers prepare their homes and buyers secure loans. By the end of February the Northern Virginia housing market will be well into the Spring market 2018. Homes will put the on the market as January comes to a close. The Gus Anthony Team already has already contracted with sellers to list more than 10 sellers and are in the process of preparing the homes to go up for sale in the next few weeks. As of mid January 2018 the inventory is still extremely low and interest rates have not gone past 4.5% for a 30 year fixed rate. This combination proves to be favorable for the housing market in the current climate of economic growth and the highest Stock Market ever.
Purchaser’s and or Potential home buyers MUST hire a Real Estate agent that can negotiate in this climate. Northern Virginia’s housing market will prove difficult to secure a home in this climate and many factors contribute to a successful purchase
Home seller’s will see multiple offers on homes listed as long as the price is correct, appraisals will become a huge factor
Home buyer’s need to be out NOW! Waiting and ill preparation will result in a loss of dollars due to rising rates and prices