Wondering what’s happening in real estate across the nation?
Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up AGAIN. From 3.84% to 4% when we reported in July and up to 4.09% this month.
This may not sound like a big increase, but here’s what it means in dollars and cents:
That’s the additional interest you would pay the bank if you had an $800,000 – 30 year loan – paid monthly. YIKES!
The other reason this small increase of .25% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.
All things that point to NOW being an ideal time for both buyers AND sellers.
Watch more “real estate by the numbers” here:
Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.