Here is what MRIS reports this week:
“Home sales in the MRIS region remain robust as fall progresses and the final days of the final days of the federal tax credit for first-time home buyers draw closer.
Home sales for the week ending October 3 were 54.4 percent higher than during the same week a year ago—jumping from 1,881 to a whopping 2,937.
Activity should be very strong for the next two weeks as more “last call before bar close” buyers move to take advantage of the credit.
By the end of October, activity should slow significantly, even if the tax credit is extended.”
AND . . . here’s an update from Keller Williams Realty about the drop in interest rates:
“Interest Rate Drop Fuels Demand!
According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.
In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009. ”
Lastly, watch this video for some interesting news - like the fact that the Federal Reserve reports that Owners’ Equity is up from 41.29% to 43.1%. This 1.2% increase translates to $2 TRILLION dollars of restoration to homeowners’ equity!
In the meantime, when you are ready to buy or sell a home, make sure you contact The Belt Team for a specific analysis of the neighborhood you live in or the neighborhood you want to move to.
The Belt Team . . . Serving all of your real estate needs in Vienna, Oakton, McLean, Great Falls, Arlington, Reston, Fairfax and the entire Northern Virginia Region! Contact us today for a FREE home valuation or buyer counseling session!