Buy ME, Build Equity, and Walk to the Metro!

You hear time and again how you can ‘own for less than rent’ and so often I hear tenants in apartments saying over and over that it is impossible to live in a 1-bedroom condo near a metro or in a walkable neighborhood.  Guess what!  We have a perfect case study in one of our new listings:

Hillwood Condominiums, Alexandria, VA
List price: $240,000
Annual Taxes $2,444
Annual Insurance (Estimated): $480
HOA Association Fee (Monthly): $205

With as little as 5% down you could own this condo and have a monthly payment as low as $1550 – the same price as your rent would be! Check out the below scenarios.

We especially love the 5-5 ARM program for its great rate and the fact you could be able to get 1.5% of the loan amount* paid towards your closing costs at settlement. Be sure to read the fine print at the bottom of this post for more on the closing cost promotion.

If you have some money saved up and you would like to make a larger upfront investment you can get your total monthly payment even lower than rent! Interested in learning more? Email me at Maxine (at) PenFedRealty.com and we will get in touch with you with the full scoop on this property and others that may meet your needs.

Either way, this is a great deal! Hillwood is located just across the street from the Trade Center with terrific shops, restaurants, and a spa. Then just a few blocks away you can grab a coffee at Starbucks, do your grocery shopping, drop the BMW off for service, or hop the Metro into the city.

The unit is right next to the community’s clubhouse and swimming pool. It has been newly updated with fresh paint, new floors, brand new appliances, Pella glass door, and more! Oh, and it has a terrific patio too!

In short, you can save money, build wealth, and help the environment by using the Metro instead of your car for the daily commute!

Check out the photos below or visit www.AHouseToSee.com for more information!

 

 

 

 

 

 

 

 

 

Small Print: Rates Generated on: 10/9/2017. Payments are estimates. Actual Payments may be greater. See page 2 for additional Minimum/Maximum Payment information. APR= Annual Percentage Rate. ARM Rates may increase after consummation. *Terms of Monthly Repayment: 30 Yr Fx (with MI): 103 payments of $1,184 at 3.875% and 257 payments of $1,072 at 3.875% (4.385% APR) 5/5 ARM (with MI): 60 payments of $1,102 at 3.000% and 300 payments between $1,142 to $1,001 at 3.375% (3.716% APR) 15/15 ARM (with MI): 180 payments between $1,213 to $1,072 at 3.875% and 180 payments of $1,027 at 3.250% (4.270% APR) Rates as of: 10/6/2017 Program, rates, terms & conditions subject to change without prior notice. Pricing adjustments may be required based on down payment, credit and other factors. This is not an advertisement to extend consumer credit as defined by Reg Z 226.2. All loans subject to credit and property approval. Acutal rates my vary based upon factors like credit rating, down payment and the intended use of the property. 5/5 ARM adjust once every 5 yrs. after initial fixed 5 yr. term. Caps 2/2/5, Margin 2.0, and Index based on the 5 yr. Treasury. 95% LTV available for owner occupied purchase loans at or below $424,100 with MI. High Balance fixed available to $636,150 in certain areas – call MLO. Max LTV for condos in DC Metro area is 80%, 70% elsewhere. Loans over $750,000 require two appraisals. Down payment requirements may vary. Products displaying a rate of 9.99% are not available. For a limited time, PenFed will pay buyer closing costs* on the 5/5 ARM and 15/15 ARM when a BHHS PenFed Realtor and our preferred settlement provider is used.*Visit Mortgage Center at penfed.org for details.

Prepare for a Real Estate Rush This Spring

Everywhere you turn you hear real estate agents talking about the “Spring Market”, the “real estate rush”, the “Spring buyer frenzy”.  While a much larger number of people do tend to move between March and June, the hype really is just that… hype.  The 2017 Spring Real Estate Market, however, appears to be the real deal.  RISMedia tends to agree.

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Homebuyers this spring will meet out-of-this-world prices and unsparing competition—a real estate rush.

According to Clear Capital’s recently released Home Data Index (HDI) Market Report, the national median days on market is 43 days, down from an 85-day stretch seen in January 2012. Days on market in Denver, Colo., Lincoln, Neb., and Raleigh, N.C., are coming in under two weeks, while days on market in Fresno, San Francisco and San Jose, Calif., and Portland, Ore., and Seattle, Wash., are finishing in under three weeks.

“Along with an increase in temperatures, the spring season also brings out the buyers and an increase in demand to the housing market, which most often translates to faster price growth and a decrease in marketing times,” says Alex Villacorta, vice president of Research and Analytics at Clear Capital. “But what’s great news for homeowners—particularly those looking to get out of negative equity or sell outright—is unfortunately bad news for prospective buyers. This springtime uptick in demand is likely to put buyers in a major time pinch in areas where marketing time is already lightning fast.”

Home price growth in the first quarter of 2017 was 0.9 percent, according to the report, with quarterly growth across regions between 0.8 percent and 1 percent. Prices grew 1.8 percent quarterly in San Antonio, Texas, making it the fastest growing metropolitan market, while quarterly prices in San Jose, Calif., remained at a standstill, posting no growth.

“This situation, coupled with the already precarious affordability situation for buyers, can lead to a self-fulfilling prophecy of sorts for the market as a whole, one where buyers rush to purchase homes at or above asking price in fear of waiting too long and losing out—pushing prices up and pulling marketing times even lower,” Villacorta says. “Buyers will need to remain vigilant this spring and constantly keep their eyes peeled for new supply entering the market, and, most importantly, be wary of rushing to purchase at sky-high prices.”

Reprinted with permission from RISMedia. ©2017. All rights reserved.