Sent in by a reader, in which the Wall Street Journal ask, Housing: Is It Time to Buy?:
There is, of course, one wild card that could affect most markets: rising interest rates. A big surge could pose a risk by making homes less affordable. Rates for a 30-year fixed-rate conforming mortgage spiked to 5.13% on Feb. 14 from 5.04% a week earlier, according to the Mortgage Bankers Association.
View Full Image


Since then, however, rates have fallen back below 5% on jitters over the Libya situation.The best-case scenario might be that rates rise in 2011, but very slowly. That “should encourage people to act soon, before rates get any higher,” says Guy D. Cecala, CEO and publisher of Inside Mortgage Finance Publications Inc., a Bethesda, Md.-based provider of residential mortgage data. In San Francisco, for example, “Rates were going up [in 2010], but it was good because it pushed people to buy,” says Alan Mark, founder of The Mark Co., a residential real-estate consultant there.
Confusing though the various statistics may be, they do point to one overarching conclusion: Now is a good time for upper-income buyers in most markets to start looking.
My answer to the question, is now the time to buy a house? Is “Maybe.” Depending on your situtation.
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
Dig Deeper
Always Read Covenants and Restrictions
You never know what you're going to find when you dig into Covenants and Restrictions. "1. No shop, store, trailer, temporary living structure, factory, hospital, asylum, institution, tourist home or business house of any kind, and no apartment house shall be erected or maintained on…
Revisiting the “0 to 5 Buyer is Gone” Post – 15 years later
Revisiting the “0-5 Buyer Is Gone” Theory We’re in a different market now. Some of the people who bought between 2021 and 2024 are trying to sell — and the ones who bought new construction, now competing against new construction, are having a hard time.…
A Charlottesville e-bike Success Story
I have an e-bike. I love my e-bike. I ride it to meetings all over the City of Charlottesville instead of driving my car. e-bikes are great. A friend got an e-bike. He loves his e-bike. He has a different perspective, and I asked him…
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide
Flipping the Switch, Part 3: ADUs, Zoning, and the Practical Guide Part 1 covered the data. Part 2 covered the design. This week: the regulatory landscape, the ADU reality check, and the practical checklist. The ADU Conversation Has Changed When I wrote about this in…