Prospective homeowners feel cursed - Wash Post

Real Estate

My comments and then a Washington Post article:

I think we are especially having a problem in Charles County for buyers who need to be under $250,000.  Not much available and you have to move far out - like Cobb Island - to find a home and then compromise on desires (for example, accept only one bath, when you want two).  And if you wait and ponder because you have no sense of urgency, for every percent increase in interest rates you can lose 10% buying power (based on example below)
 
Here’s the bottom line! For every .5% (one-half)  percent increase in interest rate purchasing power may be decreased by 4 to 5 percent (the percentage is smaller for lower loan amounts).

For every 1 percent interest rate increase, purchasing power may be decreased by 9 to 11 percent (the percentage is smaller for lower loan amounts).

My suggestion is to jump in or be left behind.  Buy a home you can add a bath to later. Don't be timid.  Get in there before it is too late.

Washington Post Article...

Why many prospective homeowners suddenly feel cursed in their search