Summer Market Heating Up?
It’s tradition as we roll into summer for many homebuyers to put their home searches on hold to head to the beach for some much needed vacation time. This Summer’s housing market follows a strong spring selling season in Northern Virginia, where we saw an 11% increase in sales in May 2016 over the previous year. Although inventory is nearly 20% down compared to May of 2015, buyers have a new reason to consider continuing their search this summer.
Post-Brexit, Market Watch reports “Rate hike out, rate cut in” giving buyers the perfect reason to find their dream home while rates remain low for at least a few more months. 30 year fixed averaged around 3.73% this week according to latest survey of the largest mortgage lenders at Bankrate.com . Buyers are seeing this opportunity as a good reason to continue their search in a market shows great opportunity as Northern Virginia grows.