Northern Virginia or across the country home buyers are confused about buying or hold off buying a home.
Here are 3 different scenarios that may help you to make a decision on whether to buy a home now or wait until the market improves or changes happen.
- With the rising uncertainty if the home prices drop similar to the 2008 financial crises.
- The interest rates increased due to tighter mortgage guidelines (we have already seen jumbo and FHA revise their guidelines in March 2020).
- The below breakdown is assuming you are putting a 20% downpayment on a conventional loan.
If the above stands true and you’re buying a home with long term ownership you may buy whenever you are ready to make a commitment!
Even though macroeconomy may influence the economic landscape and impacts on majority of the industries. Recovery of the real estate market will be driven by our local economy. In the 2008 financial crisis, Northern Virginia did recovery faster compared to other areas in the country.