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Fairfax, Loudoun County Virginia -Residential Real Estate Market Blog

Keep yourself up to date with the Northern Virginia Real Estate market and other local Northern Virginia information. Have a question or thinking about buying or selling home call Ritu Desai at Samson Properties at 703-625-4949 or email me at Info@eNOVAHomes.com.

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  • Northern Virginia -Fairfax, Loudoun, Alexandria, Arlington & Prince William Blog, real estate Market condition written by Ritu Desai at Samson Properties.
Its Great Time to Buy!!!

This article is for the buyers who want to look at the positive side of the coin. We all have pessimistic view about the housing industry and were the economy is heading. I always remind my buyers that housing is a long term commitment. After 10 years you will still have an asset to sell versus some of the stock may be worth less.

Top Reasons to buy a home:

Motivated Sellers and Inventory

Now is an ideal time to buy, in most markets prices won’t go any lower and there is an abundance of inventory. Inventory of homes for sale is at a 15-year high. There are many options out there for many buyers and many sellers who are willing to negotiate and work towards a win-win situation that works for both parties.

 

The Market is Getting Stronger and Every Market is Different

Remember that all real estate is local and that all markets are different. There are opportunities out there for a buyer if you’re willing to look. The new Homebuyer Tax Credit contained in the Housing and Economic Recovery Act $8,000 . A modest recovery for existing-home sales is expected

in 2009. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements. The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets and allow housing to lead the economic recovery.

 

FHA Loans 

There are many choices for buyers looking for mortgages in this market. One option, FHA home loans, are a viable alternative for many first time buyers. The Federal Housing Administration (FHA) — which is part of HUD — insures the loan, so your lender can offer you a better deal, offering low down payments, low closing costs, and easy credit qualifying. FHA market share for home purchases are expected to triple over the next 3 years, from an estimated 4% in

2007 to an estimated 12% in 2009.

 

Benefits of Ownership

Owning a home is the American dream. It not only provides amazing tax benefits but it also provides shelter and security to families. Did you know that:

 

Dollar for dollar, the rate of return on an individual’s cash down payment on a house is substantial? And that repeat buyers are able to put 19% more down on a new home due to appreciation?

 

Home owners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?

 

When you own a home you can deduct the property taxes and mortgage interest from your income taxes?

 

The gains that you make on a primary residence that you’ve occupied for two years out of 5 can be tax free?

 

Mortgages are at Historically Low Rates

 

For buyers who qualify, mortgage rates are near historical lows. They are hovering right around 6%, the same as they were 45 years ago. According to data provided by Freddie Mac, rates so far in 2008 are averaging 5.88% vs. a 2007 average of 6.41%. Go to www.FreddieMac.com and look at the Primary Mortgage Market Survey® for more information on the latest rates. In addition, low interest rates, coupled with recent corrections, give people

looking to upgrade a unique opportunity to take advantage of market conditions.

 

The Value of Your Investment

Despite some contrary media reports and some moderate losses in value in the short-term, home values long-term have and will continue to rise. Real estate is a long-term investment. Over the past 30 years, the median price of existing homes has increased an average more than 6 percent every year, according to historical data from NAR’s existing home-sales series. Thanks to the power of leverage, a homeowner’s return on investment is even more

impressive over time. 

 

 

So why wait let's get started...I am just a phone call away at 703-625-4949 or email me at Info@eNOVAhomes.com

 

 

 

 

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