Rent vs. Buy – The Debate!
Local Washington D.C. October housing numbers show that listing inventory has dropped a bit over 13%, median prices have gone down 1.4% and employment numbers are steady at 6%. Couple that with area rents are going up, climbing 3.7 percent for the past 12 averaging $1,708 a month in 2011. Local landlords have raised rents an average 3.7 percent a year since 2006. With low vacancy and limited supply, landlords will continue to have the upper hand until new projects are delivered in the next two years. In Howard County, Columbia, Ellicott City, and Elkridge all have plans to build new apartment complexes in the very near future. They certainly know something!
A recent article in the Washington Post states, “condominiums saw a 3.3 percent decline in prices for new condos and a 3.9 percent decrease for existing units, according… Area prices for single-family homes rose 2.4 percent, to $330,000, according to Real Estate Business Intelligence, a subsidiary of the local multiple listing service.”
See the The Wall Street Journal “Stronger Lure for Prospective Home Buyers” article here.
Let the debate begin! Rents are rising, home prices are falling. Interest rates are at a record low. Local unemployment is steady. What do you think?
About Chris Weymouth & The Weymouth Group, LLC and the TheMDRealEstateBlog.com: Your number one source for Maryland Real Estate Blogs, News, Videos, and more!
Chris Weymouth, Director, Certified Luxury Home Marketing Specialist, CLHMS and Debbie Weymouth, Manager, have marketed and sold over 4000 homes in Maryland since 1983. Expertly trained and award winning agents, they are leaders for The Weymouth Group at Keller Williams that has been recognized by their peers as one of the best in the business. Chris Weymouth is ranked in the top 1% at Keller Williams Select Realtors, top 1% in Howard County and Maryland among Realtors. Serving Central Maryland and all our friends and family for almost 60 years. Need a Luxury Home Marketing and Buyer Specialist in Howard County (Ellicott City, Woodstock, Clarksville, Marriottsville, Fulton, Laurel, West Friendship, Glenelg, Columbia, Elkridge, Dayton, Mt. Airy, Woodbine and more), Carroll County (Elkridge & Sykesville), Baltimore County (Catonsville, Woodstock, Owings Mills, Pikesville and Reisterstown), Anne Arundel County (Pasadena, Severna Park, Hanover, Severn, Glen Burnie, Annapolis and Odenton), Prince Georges County (Bowie & Laurel), Montgomery County (Silver Spring, Olney, Bethesda and Sandy Spring) or Harford County? We Know This Market! Then call Chris at 443-280-1922 or email at [email protected]