Kirk's Real Estate Blog

Picture                      Kirk Marchand has been an agent at the Weichert office at White Flint since 2010.
                      He has bought and sold houses, townhouses, and condos. 
                       His  website is Right Here!

July 12th, 2014

The Washington area has always been a strong real estate market, even during 2009 and 2010 there were still steady home sales. Today the market is very strong, with good prices for both buyers and sellers.

An interesting part of the market are multi bedroom multi bath single family and townhouse homes around $300,000 and below. Very few of these are currently being repossessed by banks, most current repos are a year or more old. Distressed homes are being bought, often for cash, by investors looking to either rent the homes or renovate and sell for a profit.

Mortgage rats are low too. A lot of people are afraid of escalating mortgage rates once the Fed starts moving this fall or winter. I would beg to differ, the Fed can’t simply and arbitrarily raise rates.

Rates affect the lending market, and if rates go up too much, people will stop borrowing. If people don’t borrow the banks and the Fed won’t make any money, it’s as simple as that. People have gotten used to 3 or 4% rates, even much over 5% will be soundly rejected by the market. So buy or sell soon, or do both, but make sure you're happy with this most important purchase!

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