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Is now a good time to buy a new home? | The Q & A

WUSA9 reached out to Corey Burr, President of The Burr Group at TTR Sotheby's International Realty for the answer.

WASHINGTON — As people across D.C. look to downsize or upgrade their living arrangements during the coronavirus, many have questions about the local housing market.

WUSA9’s Q & A Team is getting answers.

QUESTION:

A Washington D.C. Reddit user recently asked: Is D.C. safe from a housing market crash?

We reached out to Corey Burr, President of The Burr Group at TTR Sotheby's International Realty for the answer.

TEXT WUSA9 YOUR QUESTIONS at (202) 895-5599.

ANSWER: 

“There are no guarantees with pricing in real estate, markets fluctuate a great deal over the years,” Burr explained, “So it's important to buy at the right time. But even if somebody bought at the very tip-top of every upmarket, if they can commit to their property for three to five years, most likely they're going to do just fine.”

Q: Is now really a good time to buy a new home in D.C.?

A: Burr said now is a great time, “primarily because interest rates are so low.” 

He explained that the low-interest rates factor can make buying a home even less expensive than renting in most instances. 

“Not only are you buying a property, but you're buying a mortgage. And the mortgage on a 30-year fixed rate now is just under 3%.”

Important factors also include, “the fact that there are tremendous tax advantages, where one can write off their interest on their mortgage, and up to $10,000 on property taxes” he explained. “The government is encouraging us to buy real estate just as it has over the decades.”

Burr encourages anyone considering becoming a new homeowner to seek out a great realtor. 

“Know how to win in multiple bid situations and use your mortgage as a forced savings plan to increase your wealth and capture the American dream.”

Watch The Q & A on WUSA9, weeknights at 7 p.m.

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