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.
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.
“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.
Download the WUSA9 app here.
Sign up for the Get Up DC newsletter: Your forecast. Your commute. Your news