Wow, this has got to be the best time to be a buyer in this area in years! There are a lot of homes for sale in the area and the prices are better in most places than they were last year.
We've decided to take the plunge and move ourselves. We decided to do it based on several factors including the low interest rate, the number of available homes (you don't have to duke it out with other buyers now to get the home you want!), the price this year, and the fact that the base realignment is going to happen starting in 2008.
Now I don't have a crystal ball, wish I did, but there are some exciting things that are going to happen come 2008 in this area. There are bases around the country that are closing and those jobs, in addition to defense contracting jobs in Northern Virginia, are all going to be coming to Ft. Meade starting in 2008. The estimates we have heard are between 8,000 to 15,000. Where do you think all these people are going to live? Yes, close to Fort Meade. What that means to us as homeowners is, due to supply and demand, the prices of our homes will most likely increase. People who are now in "starter homes" will be able to move to larger homes with their increased equity, and new people to the area will be choosing their first homes in Maryland. This is going to be very exciting, yet could also mean homes may end up being out of the price range for those planning on moving.
If you are thinking of moving, you may want to talk to a lender and see what your options are. We have been able to get great deals for our buyers including many times negotiating down the list price and also getting closing paid for which can save you thousands of dollars. If you are able to make a move here in Maryland, 2006-2007 may be the perfect time to do it. There are so many mortgage programs available including loans where your first year payments start out really low so if you know your income is going to increase, you can start out with a low payment to get in. If you are in a home now, you can take some of your equity (the value in your home after all the loans are paid off), and pay off any credit card debt or car payments, then move into your new home without extra debt. Some people think that interest only loans are scary, but the good thing about these types of loans is all of the payment can be written off your taxes. Talk to a tax advisor about how this will effect your take-home pay. Many people opt to raise the exemptions on their W-2 so they get more money back each pay check.
If you are currently renting, you can actually afford more money each month for a mortgage because of the mortgage interest write off.
Now's a great time to be a BUYER!
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