It is Time to Buy A Home

One of the factors to consider on whether it is time to buy a home is how rents compare to the expenses of home ownership.  If the cost to rent is less than the cost of home ownership, it can make financial sense to continue to rent.  If the cost to own a home is less than it is to rent a comparable home, then it is seriously time to buy!

With interest rates at historic lows, in many market areas it is more affordable to buy a home than it is to rent.  According to a September 13, 2012 Inman News article, home ownership is less expensive than renting in all of the 100 largest United States metro areas.  http://www.inman.com/news/2012/09/13/buying-beats-renting-in-all-100-largest-us-metros

The metro area I live in and am a professional Realtors® is known as DC-VA-MD-WV.  According to the interactive map, it is 43% cheaper to buy than it is to rent in this market area; translating to an average monthly savings of $893.  Homeownership expenses include closing costs, insurance, property taxes and maintenance in addition to the mortgage payment.  Further it assumed that the owner is in the 25% federal income tax bracket, itemizes their deductions and has a mortgage rate of 3.5%.  Rent expenses included deposit and tenant insurance.

A professional Realtors® is the best source for understanding the local real estate market.  Karen Briscoe and Lizzy Conroy are active and experienced Realtors ® in the Northern Virginia, Washington DC market place and would be delighted to assist whether for home buying or selling.

The Huckaby Briscoe Group was recognized in September 2011 as one of the Wall Street Journal Top Real Estate Teams in the United States.  Please contact via the means most convenient for you:  www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.