Just a few stories from pricing homes, to the cost of homes, to renting versus buying …
However, it is not just the tax credit that makes this the best time in a long time to pull the trigger on the home of your dreams. Prices have reached levels not seen since before the housing bubble. The following graph shows that, according to the S&P Case Shiller Pricing Index, home values have fallen to August 2003 prices.
You can purchase a home today at the same PRICE it sold for seven years ago.
And it will actually COST you less! This blog has been making the distinction between the PRICE and the COST of housing for months now. Price is what you agree is the value of the home. Cost is what you pay every month in the form of a mortgage payment. The cost is a combination of the price and the mortgage interest rate you will pay over the life of the loan.
— More homebuyers in the Charlottesville area are using FHA loans to purchase homes; did you know that FHA loans tend to be more stringent in their property condition guidelines? Did you know there is a checklist? (I know one house in the Charlottesville area that seems to have a sinkhole out front)
The moral of the story is that, if you’d like to be treated professionally and with respect (which you should expect for sure), karma would suggest you do the same in return. Be honest, respect others’ time, and stick with one person. Not only will your experience be infinitely more enjoyable and productive, but you can prevent the birth of a shady broker in the process, benefitting generations of renters and buyers to come.
That close-in locations are favored by the market is not news, of course. On a per-square-foot basis, central locations are traditionally more prized by homebuyers. What is news is the movement in the market that is making the relative desirability of central locations, and the relative decline of the value of sprawl, much more pronounced.
Rent versus buy calculator – but, and this is a serious point – how does one measure intrinsic value?