Interest rates continue to remain very low http://www.msnbc.msn.com/id/38467238, and potential buyers, as well as homeowners who are already in a mortgage, need to take note.
As far as anybody who is considering entering home ownership, now is as good as ever. In fact, you can’t even rent for as cheaply as you can own.
Taking a look at Ashburn’s 2 bedroom rentals for example, you can barely get into a 2 bedroom/2 bath for $1,500/month. As of this posting, only two active MLS rental listings of 2 bedrooms or more, were listed for less than $1,500. I also checked two different leasing offices in Ashburn, and their 2 bedrooms were now renting for between $1,650 and $1,700/month.
Apply today’s interest rates to the same properties listed ‘For Sale’, and you’ll find that the mortgage payment would be lower than the rent payment, plus you get the benefit of the tax write-off.
Homeowners who are currently in a mortgage, should definitely inquire about rates as well. Many homeowners are in ‘Arm’ structured loans, whose rates will expire soon or in a few years. My advice would be to contact a lender or two, and have the lender(s) quote and/or talk to you about a refinance.
Please contact me directly with any real estate related questions. I would also be happy to give you the names of lenders that I work with.
Mike Winslow
Premier Realty Group
703.930.7052
mike@winslowgroup.com