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The Rental Market Is Hot In Woodbridge VA, But It May Make You Want To Buy A home!

By
Real Estate Agent with RE/MAX Executives

Hello Everyone,

 

I'm sure everyone is already aware that just some time ago the real estate market took a turn for the worst. Well as a result of so many people losing their homes due to foreclosure, short sale, and Deed in lieu of short sale. As a result people in Woodbridge are now renting. Recently I did a rental for a young lady and another for a good friend of mine and when they looked at the prices of rent in Woodbridge they were a little taken back. Both had the ability to buy but for one reason or another plan on waiting a little longer.  They were then thinking exactly what I had been telling them.” Why would I rent this place when I have the ability to buy and pay a couple hundred dollars less and pay my own mortgage instead of paying somebody else’s mortgage?” I mean hey if you can’t qualify for a loan because you just did a short sale or have credit issues etc. It makes sense you can’t do what you can’t do.  But if you can I wouldn’t suggest you wait longer than you have to.

 

Trying to make a decision

 

 

Prices are slowly creeping up and while you wait you are setting yourself up to pay for a home at a higher price. I often hear excuses like “Well what if I move out of the area” and I tell them well is that any reason to not build equity in a home when you know it’s a buyer’s market? Of course doing something like renting your home out is always a risk but do you know of too many opportunities to make money that don’t involve risk? Of course not and with that being said you should explore your options, make an informed decision and when you do I will awaiting your phone call……

 

 

 

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