1.Does buying make better sense than renting?
It depends on the reason one wants to buy a home to begin with. If the decision is purely financial then we would need a crystal ball to foretell the future in terms of appreciation and so forth.
Yet the reasons for owning a home are rooted in far more than the financial aspect of the actual purchase of one. Homeowners are thirsting for a safe, secure place to raise and educate their families.
They desire lots of space to feel comfortable in and they want to have control over their lives.
They don't want to be subject to the whim of a landlord giving 30 days notice to vacate, monitoring all decorating projects and prohibiting pets.
Buyers deciding whether to rent or buy need to examine their wants, needs and motivations and plans for the future.
2. When will Appreciation occur if I do buy?
Appreciation varies by market. There is plenty of information out there regarding the Northern Virginia real estate prices over the decades and particularly over the last 6 years. The Washington DC area was set to see a 3% price increase in 2011 according to local economic authorities. Keep informed of the latest news and long term trends.
3. Why should I buy now if prices could fall?
Falling prices are always a possibility. Cost should be the concern to the buyer. This would encompass the mortgage interest rate as well. Waiting for prices to bottom out while interest rates are rising could cost one more in the long run.
Hope this answers some of your questions, I am always available if you have more questions!
If you, or someone you know would like to buy or sell a home I am here to earn your business. I treat every transaction as if it were my own...
PS all photos courtesy of: http://www.freedigitalphotos.net/