By Jeffery Long, Vice President Lending, Apple Federal Credit Union
With the spring market around the corner, Apple Federal Credit Union released its 2017 list of Top Tips for Homebuyers to help new homebuyers prepare for the experience. Typically, the spring market between March and Memorial Day is the busiest of the year.
We expect a robust spring market in the Northern Virginia region. Despite the headlines touting rising interest rates above 4 percent, they are still well below 2013 levels, and we fully expect home sales to be brisk. Being prepared will help homebuyers get a home they want at a price they can afford.
Nationally, the Mortgage Bankers Association predicts mortgage purchases to rise to $1.1 trillion in 2017, up 10 percent from 2016. Early indicators from Apple FCU support this trend and reveal a strong local housing market. In addition, Zillow data shows the median home value in Washington, DC is $535,000, and is predicted to rise 4.5 percent this year. In Fairfax, VA, the median home value is $521,200 and expected to rise 3 percent within the next year. In all, home values in Northern Virginia are expected to grow between 2.5 and 4 percent.
To capitalize on these strong market conditions, Apple FCU, which has 22 branches throughout Northern Virginia, has compiled this list of consumer tips to help make the process easier and better for homebuyers in the DC metro region—especially first-timers.
Following these important tips will help make your home buying experience a positive one.
To learn more, visit www.AppleFCU.org.