Is it time for renters to buy? Call me at Keller Williams Mclean Virginia to discuss
July 9th, 2008 Categories: Real Estate News
NBC’s Today show had a snippet posing this very question this morning and their verdict is in. In summary, LOCATION LOCATION LOCATION. Renting makes sense in areas where there is still room for a decline in real estate prices (Northern California and the New York tri state areas) but in other areas such as college towns and areas where younger generations are populating (Upstate New York, Texas, and certainly the Washington DC metro area) buying maybe a great idea IF:
1. Your credit is strong and you’re getting a good interest rate.
2. The rule of 15 (your annual rent times ‘15′ equalling your price point to buy while still satisfying your living condition requirements)
3. You steer clear of any funky mortgage options- stick with a 15/30 year fixed- fancy funding has gotten us in the mess most areas are in today so lets avoid past mistakes
4. Plan on the long term investing to make it profitable (equity gains) for your future.
If you want to discuss further please feel free to give me a call today! 703-283-4524(cell)
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