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Should You Wait Until Spring To Buy DC Real Estate?

Home prices in Washington DC continue to rise and are projected to increase between 3.80% to 4.2% in 2019, depending on which pundit you favor. And that’s just a baseline because popular home types, price points and trending neighborhoods will experience even higher price hikes. As homes become more expensive, buyers must pay higher down payments, closing costs and mortgage payments. Higher prices can also push buyers into Jumbo loans ($679,650+) that carry even higher interest rates. Higher rates mean you’ll pay more Interest and have less buying power.

Let’s take a look at rates and their effect on buyers. Rates are predicted to increase by an additional quarter point by December 31, 2018. The Fed plans three additional rate hikes in 2019. Today’s rate of 4.85% percent can become 5.85% by this time next year.

If this doesn’t sound like a big deal, consider that a one point increase can cost borrowers up to 23% more in interest over the life of a typical 30 year mortgage. For loans of  $400k and higher, that extra interest could add up to more than $100k over the life of the loan.

Let’s do the rest of the math. Read the full post

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5user792800

In today's market in this area, you cannot rely on luck to get you that perfect place for a great deal - you need to have an agent who knows the market cold, is aggressive, and effective - Susan is all of those things and more. I recently closed on a new... (more)

5MichelleH22

We loved working with Susan and Alex! They made it their personal mission to help us find a place that matched our needs and desires. They put in many (often last minute) hours of research, planning and negotiating on our behalf - all we had to do was show up... (more)

5user632090

I can't imagine going through the home-buying process without Susan. She was with us every step of the way, from explaining our options at the very beginning to negotiating seller credits. She kept the process in motion so that we closed in about a month.... (more)

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