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Northern Virginia Homes for Sale can be easy to find but hard to afford
Northern Virginia Homes for Sale can be easy to find but hard to afford
Northern Virginia Homes for Sale can be easy to find but hard to afford
Northern Virginia Homes for Sale can be easy to find but hard to afford

Northern Virginia Homes for Sale can be easy to find but hard to afford

Homes located in Northern Virginia, specifically Arlington and Fairfax County, have seen a continual incremental inflationary push since the late nineteen sixties.   Three strategies that are best known to guarantee homeownership success are a stable career position with solid credit scores,  having five percent of the downpayment saved up, and a reliable real estate agent that has a relationship with a mortgage banker.

The Northern Virginia market is one of the strongest in the county due to regional growth from the information technology vertical industry and the Federal Government’s appetite for more powerful technology.  There are three intervals that this hard rule real estate growth had exceptions.  The 1991 Japanese Yen deflationary bubble, which has not seen a recovery.  The 2007 subprime mortgage industry collapse.  The third being the 2009 housing bubble crash which was a combination of predatory mortgage lending and mortgage-backed credit derivative.  The smoothing of these economic corrections was counter-weighted by the stability that Federal Government primarily located in Washington, D.C. provided to the surrounding counties.

One of the better advisors that advocates saving for a home is Dave Ramsey.  His approach can be draconian, but his raving fans do endorse his approach.  Even if your earning a million dollars a year, having a savings plan for purchasing your first home is important.  The significance and importance only becomes clear when surfacing one statistic, 82.5% of United States homeowners have their entire wealth tied up in their personal home.

 

LIST OF BLOGS

Cause to Pause

Rising mortgage rates are causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down. While it may be possible, the probability is that prices are going to continue to increase. On December 23, 2021, the...

Five Factors that affect the Sale of Any Home

Owners directly control four of the five factors that affect the sale of any home: price, location, condition, terms, and the agent you select. The one thing you can't control is the location of the home, but you can adjust the other factors to compensate for...

The importance of a Home Inspection

The importance of a Home Inspection Prior to you getting a residence, one of the important things you ought to do is to have it had a look at by a professional home examiner. Yes, we can hear your objection: "Acquiring a residence is costly enough as it is! Why would...

Why should you get a home inspection?

Why should you get a home inspection? Prior to you buy a house, among things you should do is to have it had a look at by an expert house examiner. Yes, we can hear your argument: "Acquiring a residence is expensive enough as it is! Why would I pick to fork over...

Gift Amount Increased for 2022

The limit for tax free gifts for 2022 is $16,000 and no tax is due to the donor or the donee. There are provisions that would allow gifts higher than this amount providing the total lifetime gifts above the annual exclusion of $12.06 million for 2022 has not been met....

Housing Affordability – Call to ARMs

Housing Affordability is negatively affected by both rising home prices and mortgage rates. A 20% increase in nominal home prices and a 2% increase in the 30-year fixed rate mortgage since January have contributed to a 46 point drop in the NAR Housing Affordability...

Surviving Spouse Sale Period

Married couples who own a home as joint tenants with rights of survivorship, the surviving spouse inherits the home, along with their basis, and it does not trigger a taxable event. Unfortunately, the capital gain exclusion is reduced to a single person's share unless...

Are prices and rates going to continue to rise?

One of the most talked about questions in the real estate market has to do with "Will prices continue to rise now that interest rates have increased dramatically this year?" It is understandable to think that if the Federal Reserve is using interest rate...

Indecision Can Be Expensive

With all that is going on in the world, a global pandemic, supply chain issues, highest inflation in 40 years, the economic effects of a war in Ukraine, it can be overwhelming to think about when the right time is to buy a home. On a local level, there is a pent-up...

Good Records Can Reduce Capital Gains

Regardless of whether you're entitled to $250,000 or $500,000 of exclusion when you sell your home, prices have gone up so much in the past two years, you may be approaching the limit where you might have to pay tax on the excess when you sell. Any improvements you...

RECENT POSTS

Cause to Pause

Rising mortgage rates are causing some would-be buyers to pause their decisions until they...

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