Today we will focus on Prince William County ... PWC has been hit mighty hard by the collapse of the mortgage and real estate markets ... Now it's leveled off and is starting to recover (slowly) ...
Housing prices are down - Mortgage rates are at all time lows ... This really creates the perfect storm. Let me show you why ... Below is a current chart for the Housing Price Index for Prince William County (source: www.HousingVirginia.org) ...
In 2007, the average home in PWC sold for around $280,000. In the most recent quarter, the average home sold around $220,000. So there's $60k right off the bat.
For this comparison we are going to assume that the buyer has good credit and 20% down-payment.
What does all of this mean ... For the exact same house, you get it for $60,000 less today and you need to earn $23,000 less per year to afford it.
In short, more people should be buying. The difference between the average rent in PWC and the average mortgage payment in PWC is 1%. So for an extra 1% you could stop making your landlord rich and start investing in you!
Call us today to schedule a time to sit down with us; and let us help you buy into your future. Whether you're buying your first home or your dream home, we can help. (703) 879-5200 or email Bob@MyTalentedLender.com
Our Realtor of Choice for PWC is:
Mary Beth Eisenhard
Long and Foster Realtors
(571) 723-7653 Direct