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D.C. Region’s Spring Housing Market – Higher Prices & Increased Interest Rates

According to The Washington Post, interest rates are on an upward climb reflecting lower unemployment rate figures. The latest figures, from Freddie Mac, have the interest rate at about 3.86% for a 30-year fixed mortgage, with a 0.6 point (fees paid to lender equal to 1% of loan amount). The rate was 3.75% just the previous week, and 4.37% one year ago. Along similar lines, for 15-year fixed rate mortgages, the average increased to 3.1% with a 0.6 point. The fixed 15-year rate mortgage was just 3.03% last week.

In addition, the D.C. area’s housing market has sales prices rising as well. Sales were 2,608 homes last month, a 0.7% increase from February 2014, and the most sales for a February for the past two years. Also, it was the third month in a row that sales rose year-over-year. Thus, the median home price in the D.C. region was $390,000 for February which is $15,000 higher than February of last year. Additional homes are coming onto the Spring market which should help to alleviate low inventory. There was an increase of 16.6% of inventory from a year ago with 8,175 listings last month. However, this amount of inventory is still low compared with the usual 12,900 homes that usually average for the month of February.

067_7340_TUCAN_CT_87661_115470What does this mean for buyers? Well, it means buyers should think about purchasing sooner this year, rather than later if they would like to save more. With both interest rates and sales prices continuing to rise, this translates into increased total interest paid over time as well as a higher monthly mortgage payment. As an example, a listing The Girls have at 7340 Tucan Court in Warrenton (just a mere 50 minutes outside of D.C.), is a gorgeous 5,600 sq. ft. home for just $650,000. What would it mean if a buyer were to buy now versus waiting a few months when interest rates and prices could rise? What would their monthly payment look like? We checked in with Ric Segovia of George Mason Mortgage to see what the figures might look like if the price were to increase to $670,000 and the interest rate rises from 4% to 4.5% over the next few months:

Buying Today (30-year Fixed Rate Mortgage)

Sales Price $650,000
Down Payment 20 %
Loan Amount $520,000
Interest Rate 4 %
APR 4.05 %
Points 0
Principal & Interest $2,482.56
Taxes/Insurance/HOA $730.29
Mortgage Insurance $0
Total Monthly Estimated Payment $3,377.04

VS.

Buying in May – Interest Rate & Price Increase  (30-year Fixed Rate Mortgage)

Sales Price $670,000
Down Payment 20 %
Loan Amount $536,000
Interest Rate 4.5 %
APR 4.55 %
Points 0
Principal & Interest $2,715.83
Taxes/Insurance/HOA $898.65
Mortgage Insurance $0
Total Monthly Estimated Payment $3,614.48

Just waiting to buy a $650,000 home that could increase by $20,000 in the next few months, means possibly spending upwards of nearly $240 extra each month on mortgage payments. That’s approximately an extra $86,400 in interest over the span of a 30-year fixed rate mortgage.

Click here to see the Virtual Tour and find out more information for 7340 Tucan Court: http://mrislistings.mris.com/DE.asp?ID=61916609430

Call The Girls of Real Estate today
before interest rates and sales prices continue to rise this Spring!

Candace Moe 540-270-0274
Heidi Jerakis 703-585-4098
Chelle Gassan 571-330-6164

Posted in: General Real Estate, Northern Virginia Market Tagged: DC Home Prices, DC interest rates, DC mortgage, DC Real Estate, Northern Virginia Real Estate, The Girls of Real Estate, Virginia Home Prices, Virginia Interest Rates, Virginia mortgage, Virginia Real Estate

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Testimonials

Candace is very well experienced and has great real estate knowledge. Candace has rented, sold, and and found homes for me since 2009. She would be the only one I would ever call.
Susan S.
Chelle was a true professional. We were only here for a few days and we looked at 40-50 houses in four days! When we did finally put in an offer, we had a problem with the seller not liking the fact that we were using a VA loan. She provided him with all the data and statistics that he needed to become comfortable with the loan. Also, her local knowledge can’t be beat. She grew up in the area, so she knows the area. I would recommend her to anyone.
Nel L.
Candace was great to work with during the sale of our condo. She always kept us informed and was very pleasant to work with. Candace and her team have innovative ideas and are hard workers. We would feel comfortable using their services again.
Stu & Jane Y.
I have worked with Chelle on numerous occasions, once personally for my own home, followed by helping my Company acquire another property for our Elite Executives. She gave me complete confidence in the whole process, and helped guide me through my biggest investment. I love my home and look forward to working with her in the future.
Becky M.
Candace came in with some very valid and good suggestions to help us with selling our home. She priced it accurately and took our feedback into account while doing so. She put together beautiful marketing materials including stunning photos of our home that made it appear to be from a magazine cover. She was persistent in her discussions and follow ups with potential buyers agents. She sold our house in the dead of winter in under 30 days thanks to Candace.
Chris & Jen S.
My wife and I worked with Candace Moe between March and August 2014, eventually selling our home in Oak Hill, VA (zip – 20171) during a very difficult selling period. There were several external factors that resulted in the extended sales cycle. First, was the sale of a comparable house on the same block for an extremely high price. That sale took place immediately before the downturn and was the basis for our initial asking price. Secondly, the bottom fell out of the market for homes in our pri… Read more
Chip & Sharon P.
Chelle was an invaluable asset to me. We were relocating without being able to physically see a property. Her knowledge of the area and expertise were what I needed to point me towards the right home for us. I highly recommend her! Thanks Chelle for your care and attention! ~ 3/31/2015 (See review on Zillow)
Home RenterWashington, DC area
It was a very good experience working with her (Chelle). She is a fantastic dealer and now because of her good dealing, She is our family friend. She was very proper in negotiations and all the paper work was done properly and on time.
S. Ali
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
After purchasing a couple homes over the last few years I have not experienced better service in a realtor than Chelle! She goes above and beyond to ensure you get the exact house you really want and is there providing her expertise throughout all parts of the process. She takes extreme pride in doing so and you will not find a more sincere and genuine realtor or person in the DC area!
Cal R.

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The Girls of Real Estate | Named Best Real Estate Team | Northern VA REALTORS | RLAH Brokerage

Candace: (540) 270-0274
Chelle: (571) 330-6164
Office: (703) 390-9460
info@thegirlsofrealestate.com

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