Are you ready to take advantage of the buyers market in Alexandria Virginia and buy a home for sale in Old Town or Del Ray, or are you going to gamble, roll the dice and 'let it ride'? I love going to Las Vegas, but by no means am I a gambler. I usually see at least two to three shows every time I go. Why? Because I like to see the performers do their thing, and I'd rather spend time enjoying the show and laughing with family and friends, than letting the one-armed bandits eat up my hard earned money.
Nobody knows the exact date and time the national real estate market will fully rebound. Nobody knows the exact date and time when the house you buy in Old Town or Del Ray today will be worth twice as much as you paid. Nobody knows the exact date and time when Old Town Alexandria and Del Ray foreclosures will go back to being few and far between.
What we do know, is that waiting to buy real estate in Alexandria VA and gambling on both sales prices and interest rates is risky, and can end up costing you more money. Starting January 1, 2009, the required minimum down payment for all homes financed with an FHA loan will increase from 3.0% to 3.5%. Couple an increased down payment with an increase in interest rates and you will be sucker punched into spending more for housing by not taking advantage of the window of opportunity that is already starting to close.
In the past sellers market, the demand for homes for sale in Alexandria VA was so great that the objective for many buyers was to find a suitable home. Today, buyers should concentrate on finding the cheapest home in the best neighborhood. Buyers right now have a royal flush when it comes to buying real estate in Old Town and Del Ray:
- Ace - Lower interest rates (the lowest we've seen in over thirty years)
- King - Decreased competition among other buyers
- Queen - Sellers (and banks) have adjusted prices downward
- Jack - Power to negotiate favorable terms and not waive contingencies
- 10- Seller and lender contributions available in the form of closing costs paid, and down payment assistance such as VHDA and Alexandria City Housing programs
Click here to view our customized spreadsheet that shows how much waiting to buy Alexandria Virginia real estate can cost you.