Why buy a home now? Inventory is above 2014 levels and homes sold are below 2014 levels. Buyers can feel more comfortable about navigating the market thanks to interest rate stabilization and easier mortgage rules, according to a recent article by Reuters.
This is fantastic news for the overall health of the Prince William County real estate market. Iit suggests that the local real estate market is likely to become more stable over time.
Trends That Prince William Home Buyers Should Be Aware Of
According to the recent Reuters article, new home builders D.R. Horton Inc and Toll Brothers Inc. are seeing jumps in home buyer demand.
And they’re not the only ones.
In fact, new home builders everywhere are reporting improved home buyer enthusiasm, which has been a great relief to many of the companies after an underwhelming spring home selling season.
Traditionally, that signals that pre-owned home sales will benefit from overall market stability.
Here’s what else the Prince William County home buyer should know about recent trends in the housing market:
- Interest rates decreased in October to their lowest levels since June 2013
- In fact, these interest rates are still considered to be at historic lows.
- The Dow Jones U.S. home construction index increased about 4 percent this year so far. And this increase came after the index already doubled between January 2012 and January 2014.
- Meanwhile, new proposed rules will allow buyers to buy a home with down payments as low as 3 percent.
The proposed rules are great news for first-time home buyers, who are a key part of any housing market recovery. In fact, some experts believe that the housing market recovery will speed up as soon as more first-time home buyers enter the market.
And a faster housing market recovery is good news for everyone! There is a benefiy to buy a home now
Karen and Art Kruschka Are Your Central Source for Housing Market News
Check back here soon for more valuable updates on the current state of the Prince William County housing market and how they may impact you as buyers and sellers.
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The Kruschkas are long-term Prince William County residents with more than 30 years experience as real estate professionals serving Woodbridge, Manassas, Dumfries, Manassas Park, Bristow, Brentsville, Gainesville and Haymarket
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If you plan to buy a home or property contact Karen and Art by Email or call us at 703-499-9279. Put our record of customer service, real estate experience and state-of-the-art technology to work for you