Market Rates Today

30 yr mortgages: 5.8%
15 yr mortgages: 5.4%
5/1 Arm mortgages: 5.34%

Freddie Mac chief economist Frank Nothaft: "Mortgage rates can fluctuate from week to week depending on market conditions and expectations. Long-term rates are at about the same low level they were at this time last year. So it isn’t surprising that the housing industry continues to thrive."

Realtor Defined

Is there a difference between a Realtor and a licensed real estate agent?

Yes there is!
Both a Realtor and a real estate agent have taken the necessary classes and passed the real estate licensing exam. The difference is that a Realtor has gone the extra mile to join the National Association of Realtors. A Realtor agrees to follow the NAR's standards which include a Code of Ethics and strict Standard of Practice. If a Realtor does not line up with the associations' guidelines, strict penalties are enforced.
It is to your advantage to have a Realtor on your side to ensure that you are fairly represented and that your transaction will be handled in a professional manner.

Where is your money going?

If your Monthly rent= $1,000
In 3 yrs you will have paid: $36,000
5 yrs you will have paid:$60,000
7yrs you will have paid: $84,000

If your Monthly rent= $1,500
In 3yrs you will have paid: $54,000
5 yrs you will have paid: $90,000
7 yrs you will have paid: $126,000

All of this money could be going toward the growing investment of a house! Not to mention all the tax benefits and pride of home ownership. Isn't it time you own a home?

*Preferred Mortgage, Bobbi Dickerson loan officer

Avgerage Sale Price in Northern VA

In June: the average sales price was around $556,606. This includes everything from condos to single family homes which is up from $462,697 in June 2004.

Investment vs Vacation

For second-home buyers the average age of those buying for investment is around 47 years as compared to the average age of vacation homes bought by persons around the average age of 55.
More income was spent on the investment homes than the vacaction homes alghough the price of the investment homes is lower than the vacation homes.

Welcome Home VA!

Welcome to my blog! This blog will provide you with all the real estate updates you need. I look forward to keeping you informed on the real estate market here in the Metro DC area with a focus on the VA market. Feel free to post your thoughts, comments and suggestions. Thanks for visiting and Welcome Home!

Mortgage Rates

The average for 30-year fixed rate mortgages (FRM) rose to 5.73 percent compared to 5.66 percent a week earlier. One year ago, the 30-year was at 5.98 percent.

The average for 15-year FRM was 5.32 percent, up from 5.25 percent a week ago. One year ago, the 15-year fixed-rate mortgage averaged 5.39 percent.

~Bobbi Dickerson, Preferred Mortage loan officer