DC housing market springs forward
Houses for sale in Washington, DC, are readily available, as those interested in relocating to the district could have the opportunity to take advantage of lower-than-average interest rates from lenders. In fact, spring 2012 sales numbers indicate that more people could be obtaining homes across the region.
According to the Chicago Tribune, the DC market is one of the hottest in the country this spring, and several real estate experts predict consistent sales could continue throughout 2012.
"We don't have a lot of product, and we have a lot of eager buyers," local real estate expert Donna Evers told the news outlet. "Prices are building pretty fast."
Statistics indicate continuous success
Recent data suggests homebuyers and sellers could benefit from the district's real estate market.
For example, CNBC reports that pending home sales in DC increased nearly 39 percent so far this year, an indication that buyer confidence has grown in the area. Those interested in acquiring property have plenty of incentives to purchase homes in the current marketplace, including the availability of historically low interest rates.
"We have seen a steady increase of consumers testing the waters of the housing market, thanks to increases in median sale price, quickly selling homes and historically low interest rates," DC real estate expert Jeffrey S. Detwiler told the news source.
The June 7, 2012, Freddie Mac Primary Mortgage Market Survey reflects that the national real estate market is becoming more stable. A homebuyer might qualify for interest rates on 15- and 30-year fixed-rate mortgages under 4 percent, which may help them make lower monthly payments on loans.
Freddie Mac economist Frank Nothaft emphasizes several reasons the fixed-rate allowances might feature record-low percentages. He noted that the national economy has added 69,000 jobs in May, as more employers and job seekers are working together to help lower the country's unemployment rate.
DC's jobless rate has decreased by nearly 2 percent since the start of 2012, and reached 8.3 percent in April 2012. This means that more home sellers could receive maximum value for their properties.
Meanwhile, people will continue to seek jobs in this expanding metro, which could lead more homebuyers to pursue opportunities. The availability of lower-than-average loans and a wide selection of properties might make now the ideal time to consider purchasing a house in DC.