Our top five reasons to buy now!Â
Affordability: Â Loan rates have been locked in by buyers as low as 4% in the past month. Â Interest rates have climbed from around 3.5% last year to an average of 4.25% right now, and are predicted to continue to slowly climb.
It’s a better investment than renting:  The average rent per one bedroom is $1,850 in a neighborhood like Adams Morgan. The average sales price in that neighborhood is $578,774.00  With a 4% interest rate on a conventional loan and putting 20% down, the monthly mortgage payment is $2,210.41. The year-over-year increase in sales price is 20% in that neighborhood! If sales continue on that trend the same home could be sold for $694,528.80 next year.
Long-term growth potential: Â The…
Many buyers think that an FHA loan should only be used as a last resort. Indeed, more often than not conventional loans are the way to go over FHA (which stands for Federal Housing Administration) loans. However, if you’re only able to put 3% or 3.5% cash down on a property, an FHA loan could make more sense for you. Home prices in the DC area have skyrocketed in the last few years, and with that comes more difficulty on the part of buyers to put a greater percentage down on a property. What exactly are the pro’s and con’s of FHA loans? Well, that’s exactly what we’re here to tell you:
