Happy first day of Spring! The warmth and flowers will come, we promise. The National Cherry Blossom Festival has kicked off and runs until April 12th – plan your day with the blossoms as soon as possible! We all know how the crowds will flood in.
Two news items go hand-in-hand this week. First, 89% of US homes ended 2014 with equity, and second, the US foreclosure level is the lowest since July 2006. The reason for this great news is that home prices have risen 5.8% since February 2012, and if home prices rise another 5% then more than a million homes still underwater will be back in positive equity. Fantastic news all around for the spring season!
Adding to home affordability, Freddie Mac has lowered their down payment requirement on home purchases. Starting next week buyers can put 3% down on a purchase, plus there is now no limit on the amount of gift funds that can be provided to a purchaser. The lower down payment is a great encouragement to first-time homebuyers but can also be accessed by move-up buyers too—this is an amazing extension of buying power. Confused about the mortgage preapproval process? Read up on it with Urban Turf below.
Less money down means more money for making your new house truly “yours” – check out the article on new and improved flooring options below to whet your improvements whistle.
Finally, don’t miss the Washington 50 Bucket List? Share your score on our Facebook page and prove how big a Washingtonian you are: https://www.facebook.com/pages/The-Linda-Low-Team/
1. The National Cherry Blossom Festival
2. Freddie’s 3% Down Payments Start Next Week
3. 89% of U.S. Homes Ended 2014 With Equity
4. U.S. Foreclose Activity at Lowest Level since July 2006
5. Buyers Week: The Mortgage Pre-Approval Process
6. Floors to Try Now For Your Home
7. The Great Washington Bucket List: 50 Things Every Local Needs to Do
8. 7 things to do in the D.C. area on the weekend of March 20-22
Compiled by S. Berman and The Linda Low Team, Long& Foster Real Estate Inc.