In a news article by Kathy Orton in the Washington Post this weekend, Kathy Orton states that home buying beats renting after 3.5 years in the DC Metro area. She also goes on to state that homeowners in Manassas in Prince William County would break even in 2.9 years. This reiterates that affordability in our area for home buyers is fantastic. In addition to the article, the rental market is smoking hot and very competitive. Multiple applications are being submitted for many rental units and the competition for affordable housing is fierce. Current rental inventory in Western Prince William County is tight and average days on market for rental units are 30 days or less. The average rental price in Western Prince William County is $2235.00 per month. Since interest rates are at an historic low, it is very easy to see why buying is beating renting. Many would be home owners need to rent as they repair their credit after a short sale or foreclosure. Many of these would be homeowners have to wait 2, 3 or more years to regain their purchasing power to own homes.
If you are a first time buyer, I urge you to speak to a qualified lending professional to determine your potential purchasing power in this low interest rate environment. There are also some low down payment to no down payment financing options available for those that qualify for these programs. Inventory is also low on the purchase side. We have seen moderate price and home value appreciation over the past 24 months. We are also seeing values rise enough to allow for homeowners that were upside down and underwater to be able to sell their current home and step up to a larger property. As always, if you have questions regarding the market or your specific situation, feel free to reach out to me to discuss…
Northern Virginia REALTOR®
Check out Carolyn's Top Picks!
There are so many great choices for home buyers these days. Here are a few of our current clients' favorites! Have a favorite area of Northern Virginia? Feel free to let us know. We may include it here soon as well!