July 12th, 2014
The Washington area has always been a strong real estate market, even during 2009 and 2010 there were still steady home sales. Today the market is very strong, with good prices for both buyers and sellers.
An interesting part of the market are multi bedroom multi
bath single family and townhouse homes around $300,000 and below. Very
few of these are currently being repossessed by banks, most current
repos are a year or more old. Distressed homes are being bought, often
for cash, by investors looking to either rent the homes or renovate and
sell for a profit.
Mortgage rats are low too. A lot of people
are afraid of escalating mortgage rates once the Fed starts moving this
fall or winter. I would beg to differ, the Fed can’t simply and
arbitrarily raise rates.