Take Advantage of Low Interest Rates Now
Why should you buy a Northern Virginia home in 2016? It’s all about the interest rates! Many people don’t realize the true power of interest rates. Ultimately, low interest rates allow more buying power.
For instance, let’s say you’re going to buy a property for $400,000 with a 3.5% interest rate. Each month, you’d pay $2,460 towards your mortgage. However, if the rate increased by just .5%, your monthly payment would increase to $2,620.
That’s an extra $160. You might not realize it at first, but that number represents $30,000 in buying power. Whenever rates are low, you’ll have more buying power and lower monthly payments.
As always, if you’re thinking about buying or selling a home in the surrounding area, reach me by phone or email. I’m always happy to answer any real estate questions you have and serve your local needs!