Warm Winter Weather with an Even Warmer Housing Market? – Yes Please!
Despite the past couple of days in the DC area at sub-freezing temps, it’s been a warm winter for the region. I can recall a toasty 61*F a few days ago after several months of mild temps. Next week’s DC Metro forecast shows a Spring-like rebound back to the 60’s.
The housing market has also shown its own rebound, picking up steam in home prices and holding record-low mortgages (nationally and in the DC area), showing no signs of slowing down.
Home Prices Steadily on the rise, while Mortgage Interest Rates Hold at Historic Lows – Perfect Recipe for Overall Housing Improvement
S&P’s Case-Shiller Home Price Indices press release in late December (the standard for housing prices) marked a housing price increase of 4.3% of the past 12 months from October
CoreLogic, another leading housing market indicator, in their press release this month, confirmed that housing prices are on the rise, with positive housing growth in virtually all states across the nation (including the DC Metro area), with an increase of 7.4% year over year in November since 2008, showing consumer confidence is on the rise
And according to the National Association of Realtors, NAR’s Housing Affordability Index is poised to set an annual record in 2012
Meanwhile, interest rates are still holding at historic lows:
According to Bankrate.com, current rates this week average 3.46% APR for a 30-year fixed rate mortgage, and 2.84% for a 15-year fixed rate mortgage
- Freddie Mac released its latest weekly mortgage market survey – rating the housing market “highly affordable” (even with a slight uptick in interest rates this week), with the year starting at near record lows for fixed rate mortgages
So what does this mean for you?
Sellers– improving market conditions and an increasing crop of buyers taking advantage of affordably low-interest rate mortgages, this is the time get your home ready to sell!
Buyers- whether you are a first-time homebuyer, or you own a home and looking to upsize, get ready to make your move!
In the coming days and weeks, I’ll be posting helpful hints on how to prepare buy a home, sell a home, and other fun facts:
- Borderline Credit? Tips to improve your credit’s bottom line
- FHA, VA, Conventional, Oh My! Know your Loan, and What it Means for You
- And other helpful topics
Contact me with any questions or for help with your next home purchase or sale!