If you’re like most people who pay attention to real estate, you may be somewhat puzzled by the current market in D.C. On the one hand, you hear that it is a perfect time to buy; on the other, you hear that it is a seller’s market. How can both of these statements be true?
Here’s why it’s an ideal time to buy:
Interest rates are at an all-time low, ranging between 3.25-3.75 percent for fixed rate, 30-year financing, and going even lower for adjustable rate mortgages (ARM).
The low interest rates mean that your buying power has never been greater. In August 1982, when interest rates were 16.27 percent, a $2,600 monthly payment would get you a $190,000 mortgage (assuming a 20 percent down payment so you could avoid Private Mortgage Insurance). In 2012, that same $2,600 monthly payment could get you a $570,000 mortgage (again, assuming a 20 percent down payment)–three times the buying power.
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