You’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. Ah, the joy of being debt-free and the full owner of your home! But hold on: While paying off that principal on your home loan is certainly an achievement, it’s not one you want to rush unnecessarily. We know, holding on to a mortgage payment can seem...
By: Susan Doyle and Michele Lerner (washingtonpost.com)Mortgage rates ticked downward this week, rocked by an undercurrent of economic uncertainty, but continue to be elevated above the familiar days when they hovered around 3 percent.The 30-year fixed-rate mortgage averaged 5.25 percent as of Thursday, a dip from last week when it averaged 5.3 percent, according to data released by Freddie Mac. This time...
The number of COVID-19 cases in Montgomery County and the Washington Region is rising again, leading County officials to offer precautionary recommendations to prevent further community spread of the virus. The increase in transmission, both within the County and in other jurisdictions around the region, has outpaced the rise in other parts of Maryland. “Our current surge in cases is lasting longer than...
By: Jordan RosenfeldThe pandemic put only a temporary damper on the housing market, as the market rebounded robustly, hotter than ever, particularly in 2021. As we’ve rolled into 2022, the market is starting to simmer down just a little but not much. The median home price in January 2022 was $350,300, as compared to $356,700 from August 2021, according to the National Association of Realtors. And the...
By Michele Lerner (washingtonpost.com)With mortgage rates spiking in recent weeks to levels not seen for more than a decade, home loan borrowers are considering their options for financing. Approximately 11 percent of mortgage applications were for adjustable-rate mortgages (ARMs) in the first week of May, according to the Mortgage Bankers Association — nearly double the share of ARM applications three...
Fireworks displays around the Washington, D.C, Northern Virginia and Maryland region will make an extra bang this year. Some favorite displays are returning in full after two years of scaled-back celebrations and cancelations because of COVID-19. Due to labor shortages and supply chain issues, however, many towns have opted to schedule their fireworks on July 2, 3 or 5....
By: Clare Trapasso (realtor.com)Q:Between the increases in mortgage rates and prices, it’s so hard to afford a home now. Should I max out my budget?Don’t do it.Granted, it’s hard not to buy a home at the top of your budget when prices have hit record highs and mortgage rates are climbing—especially if you fall in love with a particular property and get into a bidding war over it. But I urge you to...
By Michele Lerner (washingtonpost.com)February 10, 2022If you’re a home buyer, you may have hoped that the real estate market might freeze up a bit in early January to allow breathing room in a less competitive market. Unfortunately, that doesn’t appear to be happening.While it is early in 2022, Realtor.com’s Monthly Housing Report shows that the real estate market is starting off just as competitive...
By: Margaret Heidenry (realtor.com)Capital gains tax is the income tax you pay on gains from selling capital assets—including real estate. So if you have sold or are selling a house, what does this mean for you?If you sell your home for more than what you paid for it, that’s good news. The downside, however, is that you probably have a capital gain. And you may have to pay taxes on your capital gain in...
By Larissa Runkle (realtor.com)Feb 21, 2022“Being a homeowner is easy,” said nobody ever. Besides the routine maintenance and upkeep (that lawn always seems to need cutting or raking), there’s also the never-ending expense of homeownership. And we all know that number can be fairly significant.According to a recent report, the average American homeowner spends between $3,000 to $12,000 a year on...