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Real Estate
Reply to "Spring market on pause?"
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[quote=Anonymous][quote=Anonymous]Inventory is low but I also think that[b] some buyers are waiting to see if interest rates come down later this year.[/b] I am in 20817 in Bethesda and a lot of more expensive homes ($2.5 million and up) are sitting. Borrowing at current rates is really expensive so unless people are coming with a lot of cash down, they are slow to jump for these properties.[/quote] TBH, this makes zero sense. If interest rates come down, there will be more competition and that leads to higher prices. The good move right now is to buy with as big of a downpayment as possible and take out a mortgage with zero pre-paid points. Maybe do a 7/1 or 5/1 ARM if you are worried about monthly cash flow. You will eventually refinance before the ARM resets. Given the high principal balances of mortgages in the DC area, it definitely makes sense to refinance even if the rate only goes down by 50bps on a 30Y. [/quote]
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