The question of whether to rent or buy is a difficult one, and has persisted with consumers for a long time. What you should know is that the price of both buying and renting is rising, and the 2014 national median home price was $208,500, which is an increase of 5% from 2013 (according to the National Association of Realtors). The average rent payment has also increased by 12% from January 2013 to December 2014.
Buying is currently a very attractive option because interest rates are incredibly low (below 4%) and loan products from Fannie Mae and Freddie Mac only require a 3% down payment. But potential home buyers should remember that owning a home is not a liquid asset, even though it’s a good thing to add to a portfolio.
Of course, buying is only a good option if you have a stable job that doesn’t require you to move around a lot. **Also, if you’re only expecting to stay somewhere for 3-5 years, it’s probably better if you rent. **
“Buying is currently a very attractive option because interest rates are incredibly low.”
Even people with enough money for a down payment on a home are choosing to rent. If you’re living a lifestyle where you’re constantly moving around and relocating, then I would not suggest that you purchase a home. It will be more trouble than it’s really worth.
It’s important to consider all of your options before making a decision, and I would be extremely happy to help you come to a decision. Whatever you decide, I know professionals that I can refer you to in order for you to find housing that matches your needs. Please refer to me with all of your Northern Virginia real estate needs.
