I know that sounds a little pushy, which is not my intent, but after reading a short article in Bill Freehling’s Fredericksburg Business Insider I felt I needed to provide some impetus. The reason I say this is because the Fredericksburg area median home price reached an 8 year low in January 2011.
That means prices are now at a 2003 level. Will they go down more? Possibly, as many analysts are predicting large foreclosure inventories will hit markets nationwide this year. Still, buying a home at a price several years below the peak, which was in 2006, is not a bad deal.
Does this mean everyone who bought a home in 2003 is at their original price? No. Many of those folks are still underwater, so you may have to buy a short sale to get the best value. The real question is will my rent be more than my mortgage? That question hasn’t been a yes in years.
It is now. According to the Trulia index it is cheaper to buy than rent in 36 out of 50 markets. While Fredericksburg isn’t specifically listed, both DC and Virginia Beach are flagged as “buy” areas on Trulia’s interactive map.
The decision to buy a home is a personal one. As much as my association would like to say otherwise, not everyone is ready for home ownership. However, if you’re ready to buy then now is a great time!
Posted on February 11, 2011 at 12:50 pm by Ray Nelson