Million Dollar Homes in MD | How Low Interest Rates Increase Your Purchasing Power
Heading towards the middle of Summer 2017
Here are some statistics you may need to know if you are on the market to buy a Luxury Home in Maryland
There are a total of 649 Active Listings for Millon Dollar homes (plus) in Montgomery County MD
There are a total of 15 Active Listings for Millon Dollar homes (plus) in PG County MD
There are a total of 370 Active Listings for Millon Dollar homes (plus) in Washington DC
There are a total of 866 Active Listings for Millon Dollar homes (plus) in Northern VA (all Fairfax County)
There are a total of 102 Active Listings for Millon Dollar homes (plus) in Alexandria VA
Low-interest rates continue to help many homebuyers in securing a luxury in our area.
The most popular cities with the most Millon Dollar Homes are:
* Great Falls
The most expensive listing in the Washington DC Metro area:
In order to secure a luxury home in our area, you must start with the financing aspect right away,
Today, I would like to talk to you about How Low Interest Rates Increase Your Purchasing Power
According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low in comparison to recent history!
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.
The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments at or about $1,100 a month.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $6,250). Experts predict that mortgage rates will be closer to 5% by this time next year.
Act now to get the most house for your hard-earned money.
Below are some questions I want to ask you before your first step when looking for a home....
Do you have time to research the residential housing market?
Do you have the knowledge to integrate and understand the information available in the Internet?
Can you integrate the information available on the real estate Internet sites into useful data that can help you accomplish your goal of home ownership?
Do you have the expertise to negotiate on your own?
The answer to these questions will be key to the success of your home search
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