Is this the best time to buy a house?

You bet it is! The real estate market in Washington DC, Maryland and Virginia has never been more agreeable to buyers than now. This past weekend I was reading some statistical information provided by MRIS where it showed home prices have stabilized, interest rates have remained somewhat the same, the unemployment rate has decreased, and days on market for homes in the third quarter is expected to increase.

This is a great opportunity to snatch up that dream home you've always wanted at a huge discount! Home prices have come down anywhere from 3-8% over the last two years making it a buyers market.

In addition to lower home prices, most sellers are giving closing help and providing other incentives such as a home warranty, paying for condo fees for a whole year, and going as far as giving away a car if the home is purchased by a certain date! New home builders in the DC Metro area have not been immune to the real estate market. They have had to adjust by reducing the sales price, giving huge incentives such as a finished rec room, a sunroom, and upgrades galore to the prospective home buyer.

The interest rates have come down from last week from an average of 6.24% to 6.17% for a 30 year fixed mortgage according to bankrate.com (08/27/07). The unemployment rate has come down in this area and days on market have decreased from the first quarter of '07 to the second, but is expected to increase during the third quarter.

So if you have been sitting on the side lines this is the time to get in the ball game and get a great deal on the purchase of your home!

Graph Image provided by MRIS.