Everybody’s who anybody wants to live in northern Virginia.
If we didn’t know it was true before (We did.), we know now. Recent data released by RealEstate Business Intelligence (a subsidiary of MRIS) revealed a 13 percent year-over-year increase in home sales when comparing June 2015 to the June before. But that’s not all, nor is the fact that the region has seen seven straight months of similar year-over-year increases: No, the more than 5600 homes sold in June 2015 marked the highest recorded month for home sales in nearly a decade.
New home sales in northern Virginia are booming. Interest rates are, too.
New homes sales aren’t the only numbers on the rise in northern Virginia, prompting more and more prospective homebuyers to 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 they’re not stopping. The Washington-based Mortgage Bankers Association anticipates this trend will continue, with mortgage rates rising 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 buying new homes.
“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.
The time to a new home in northern Virginia is now.
But now just any home:
A Van Metre home, the brand whose name is synonymous with quality.