As the 2008 calendar year comes to a close, I’m sure you’ve seen many commercials on TV, heard announcements on the radio, received coupons for special shopping times in the mail, and even your favorite stores have probably emailed you about exclusive deals ‘for a limited time only’.
The same holds true with real estate and homes for sale in Old Town and Del Ray in Alexandria VA. December has always been a good time to buy a home because you can still take advantage of earning a few extra tax deductions through a home purchase.
Last week, the government and mortgage industry made news by announcing lower interest rates. But, while the low interest rates are ‘for a limited time only’, the higher amount that you can borrow for a mortgage loan is also ‘for a limited time only’.
Starting January 1, 2009, the FHA loan limits will decrease from $729,750 to $625,500 for home purchases in Old Town Alexandria VA. Although the U.S. Housing and Urban Development office made this announcement last month, coupled with insatiably low interest rates, homebuyers who are on the fence have a unique opportunity to pick from a larger inventory of homes, negotiate favorable terms, and borrow money at a long-term fixed rate for less than 6%.
Here’s my pick for this week’s HOT LIST of homes for sale in Del Ray and Old Town Alexandria VA that you may be able to buy before the end of 2008.
In my opinion, now is still the time to buy the cheapest house in the best neighborhood. Condos, townhomes, and single-family detached homes in the Old Town Alexandria VA zip code of 22314, and Del Ray homes in zip codes 22301 and 22305 are highly sought after because of location, proximity to metro, walkscore.