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
Gainesville Office
(571) 723-7653 Direct
MaryBeth@MaryBeth.com
www.MaryBeth.com
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