First looking at the country as a whole, mortgage interest rates are up since the beginning of the year. This is due in large part to the Federal Reserve’s interest rate hikes. There is no denying that this has slowed the housing market. Some people have been priced out of the market and there are fewer buyers looking for a home. Also, homes are staying on the market longer even though there is still a lack
But it is still a good time to buy.
1) There are fewer people competing for a home
2) Historically mortgage interest rates are not all that high
3) There are more options available for buyers such as buydowns
4) Especially, if you are renting you can start building equity in a home now and refinance when rates decrease.
5) Because of the extraordinary low inventory, most experts agree, home prices (in Loudoun County in particular) will continue to rise so why wait for prices to increase