White: Real Estate Market - Should You Rent Or Buy A Home In ...

The housing market across the nation is fairly unpredictable at present. The general consensus is that interest rates will rise, although no one is prepared to predict by how much. There is also a general consensus that the housing market is going to remain fairly flat over the next 1-2 years. At the same time, tight lending criteria together with increased foreclosures has placed a lot of pressure on the home rental market. The end result is that people who were ready to buy are now not to sure which way to go ? keep renting, or buy?

Virginia is similar to most real estate markets? ? low home prices, highish rental prices, and a fairly flat housing market. In many areas, the rent-buy pendulum has swung very much in favor of buying, even with higher interest rates. If you don?t mind commuting, then real estate prices just outside major centers are very well priced. However, these homes may take a little longer to show any substantial appreciation in value when the housing market recovers.

So should you buy or continue to rent given the current situation? My answer is a little ambiguous since it depends on a lot of factors. If you have a decent credit score, a good deposit, and a steady income, then you could snap up a real bargain when it comes to buying. If you don?t have a great credit score and a good deposit, you may find that the terms of any mortgage offered could make purchasing an expensive process, especially when compared to renting.

If you don?t fit that ?perfect? borrower category, then renting and building areas like your credit score and a deposit should take precedence. The Virginia housing market is not going to suddenly jump overnight, so you do have some time up your sleeve. Use that time wisely, and you could be ready to buy within twelve months.

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Related posts:

1. Real Estate Market in Fairfax, Virginia
2. Virginia Real Estate Market Starting To Favor Sellers
3. Maryland Real Estate ? Cheaper To Buy Than Rent?
4. Washington DC Real Estate ? Sell Or Rent?
5. Sell or Rent Your Real Estate?

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