There's a lot of talk in the Maryland real estate market about interest rates holding people back from buying houses here. Rates are sitting around 7% percent, which is historically high, but certainly not as high as the 16% percent rates that we saw back in the eighties when buyers were still buying homes. Those buyers now have paid off homes worth hundreds of thousands of dollars more than what they paid. Those houses are funding comfortable retirements, providing supplemental income, giving their owners low cost living with no mortgage, and bringing wealth to middle class families.
Real estate is a long-term investment, and while you can make substantial gains in the short-term in the Fort Meade market, the long term holds are everything to a healthy financial future.
Don't be intimidated by the real estate market. Too many renters are missing out on homeownership without really thinking it through. That interest rate is temporary and when it goes down, you can refinance and lower your payment.
If you continue to rent, five years from now, you will be out 100% of the rent that you paid. If you purchase a home, you will likely see tens of thousands in equity within a few years just for paying your mortgage. And, the majority of your mortgage payment is tax deductible, further lowering your monthly costs.
When you purchase a home in today's market, you're competing with less buyers (in most cases), and the crazy overbidding that we saw during the pandemic has slowed dramatically. That means that you have a great chance of getting a house at market value and possibly with some closing help or other incentives.
If you've been on the fence about buying, let us run some numbers for you to show you what the mortgage would be on your dream home so you can compared that to what you're paying for rent right now.
If you're in the market to buy a home near Fort Meade, we've got the real estate expertise to make finding and securing your home the easiest part of your move.
Thinking of selling your Anne Arundel County home? We do that too and would love to provide you with a free market value analysis to show what your home is worth in today's market.
And, here's a link to our free, no obligation home owner dashboard service where you can track your homes value, see what homes in your neighborhood are selling for, obtain home loans from a trusted lender and more. Courtesy of The Roskelly Team.