The other day I wrote about all the great things happening in the Washington DC real estate market. Positive signs are everywhere and home prices are expected to steadily rise in 2013. It’s here folks. The upturn in the market is at our doorstep and you just need to open the door.
Now come predictions (and proof) that rental rates are ticking upward too. Bummer for the person who continues to rent. Not only are renters throwing away money and making their landlord’s pockets deeper, but they are missing out on establishing the footing for their long term financial freedom.
I was 29 and single when I jumped in the real estate market. I bought a cozy one-bedroom condo for $79,500 with savings and a $5000 “gift” from my mother. After a couple years I sold the condo and used the equity to buy a two-bedroom townhouse. When I out-grew that, I sold the townhouse for something bigger. I now own two properties in Maryland and two in Virginia, and a solid foundation for my financial future.
Renters, do yourself (and your financial future) a favor and get in the real estate market before you’re priced out of it. Down payments can be as little as 3.5% of the sales price. Interest rates are historically low. The future is bright. Be part of it.