🤯 Fairfax County Homes Are Appreciating $422 per day Since November 2021

153 days ago, we sold a 🏡 townhouse in Kingstowne (Alexandria Fairfax County) for $610,000.
5 days ago, a home four 🏠 houses down from that home sold with the same floorplan and finishes for $672,500.
In 148 days, these homes have appreciated by $62,500 📈.
Here’s the kicker. Interest rates were 3.10% on November 18, 2021, and 4.72% ⬆️ on April 7, 2022.
The difference in monthly payment is shocking given the amount of time passed.
$2,605/month* – $610,000 purchase price 📆 November 2021
$3,496/month* – $672,500 purchase price 📆April 2022
$891/month increase in mortgage payment
Some people wonder why anyone would buy a home right now, given the rapid increase in prices and climbing interest rates?
Like I explained to my client today, who is sitting on a lot of cash 💰, inflation is eating away at your buying power. Holding off on purchasing today assumes that you can accurately predict 🔮 when inflation will end or how long inflation will last.
In other words, there’s a cost associated with waiting or pulling the trigger.
Today’s homebuyers 👨‍👩‍👦‍👦 are caught between a rock 🪨 and a hard place 💎 as they watch the asset they want to purchase increase in price every day.
* – Monthly mortgage payment calculation does not include taxes, insurance, or HOA dues.