As expected, the post-Labor Day real estate bounce saw a lot of activity in September, buoyed by continued low rates (and now expected to remain low, thanks to the Fed announcement of low rates through mid-2015). This makes it a great time to refinance, so contact us for a lender recommendation if you have a mortgage that is 4.25% or higher—it likely makes sense for you to refinance!
In market news, home prices have rebounded in 20 major markets for three months straight. This is not news to DC area owners, where we saw the market come roaring back long ago. Our long-time readers will know that we’re not big fans of the Case-Shiller index for that reason…it severely lags the market, as noted in this article.
Also helping the condo market are some long awaited changes to FHA eligibility rules, key for many first-time buyers looking for 3.5% down payments versus the 10% to 20% required for conventional loans.
Short sales and foreclosures, though not as prevalent here in the close-in DC markets, are still a big part of the market in outer areas and in Maryland. Katie was quoted in this Washington Times article about the frustrations of going through a short sale.
Now that Fall is here, this is also a great time for homeowners to think about preparing your home for winter. Make sure you’re keeping your gutters and downspouts clean as leaves fall, and drain your hose bibs. Consider having your heating system cleaned and serviced before it gets too cold.
This is also the time to check your voter registration, since most states have deadlines of three to four weeks in advance of the general election.
If you know someone looking to move, please contact us. And if you’re thinking of selling, contact us and we’ll be happy to provide you with a free market analysis of your home and review of statistics in your local neighborhood.