Did you know?

This summer has seen quite the home sales boom for the greater Washington DC metropolitan area; recent data from RealEstate Business Intelligence (a subsidiary of MRIS) revealed a marked year-over-year increase (13 percent!) in home sales.

With more than 5600 homes bought and sold in June of this year, it’s clear to see the housing market has rebounded, and is stronger than ever. Just look at the stats: 13 percent increase in area home sales over June 2014; seven straight months of year-over-year increases; and most striking of all, the highest recorded month for home sales in nearly a decade.

There’s no better time buy a new home in northern Virginia than now.

Sales numbers aren’t the only numbers rising and prompting Virginians to buy, and buy now. Average 30-year mortgage rates jumped to their highest levels this year, above four percent for the first time since late 2014. And… We’re sorry to say, the trend is only expected to continue. The Washington-based Mortgage Bankers Association forecasters anticipate mortgage rates will rise to 4.5 percent by the end of 2015, and beyond into 2016.

“The increase in rates will be a bit of a headwind for purchases,” said Mike Fratantoni, Chief Economist for the Mortgage Bankers Association. “But the increase in household incomes from the tighter job market will more than offset the higher rates.”

Lower mortgage rates in the first half of the year encouraged homeowners to refinance, and renters to buy; as they climb again, fewer northern Virginians are renegotiating mortgage rates, while more still are moving into, and buying homes in Fairfax, Prince William, and Loudoun Counties.

“We expect that purchase mortgage originations will increase to $730 billion in 2015 from $638 billion in 2014, driven higher by the stronger job market, increases in home prices and declining share of cash purchases.”

The market is hot. Interest rates are rising.

Make the move into northern Virginia now.

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Do It: Move to Northern Virginia Now