What you get for the money in D.C.
washingtonblade.comAs I write this, the national average 30-year, fixed-mortgage rate is 6.33%, with VA and FHA loans hovering around 5.7%. These rates can fluctuate based on the amount of your down payment, your assets and liabilities, your credit score, and the type of home you purchase.
A $400,000 mortgage that cost $1,686 per month in 2021 at 3% will now increase your monthly payment by an additional $798. Sadly, this may eliminate a portion of the buyer pool or necessitate postponing a purchase, particularly for the first-time buyer.
On the other hand, we are beginning to see an increase in inventory, longer marketing time, periodic price reductions, and even offers of closing help and repairs to items found in a home inspection.
So where are these homes and what do you get for your money? First, let’s define the term “home.” There are two types of fee simple structures: a detached house and a rowhouse (a.k.a.
