Lake Linganore that is! The Real Estate market today can be a tremendously frightening whirlpool to dip your toe into, especially if you’ve been listening to all the negative press over the past few years. There is no doubt that the market has left people with their heads spinning but if you’re thinking about taking the plunge, now might be the time.
My dad was probably the wisest man I have ever known and he always told me that owning your own home was the best investment you can make. I bought my first home at age 21. It was tiny and I had to rent out a room to help me with the mortgage payments, but it was mine and it got me my foot in the door.
That was almost half a century ago (did I say that!) and certainly half a world away but the value of owning your own home is as true today as it ever was. Yes, the market has gone through a down turn, and no, it is probably not going to magically bounce back to the heady prices of a few years ago any time soon, but consider this….
Prices – Have we reached the bottom? Perhaps, perhaps not! If I could predict that, I would be sitting on a beach somewhere with an umbrella drink in hand. Just like the stock market, it is almost impossible to gauge the exact time to get in at the ‘bottom’, but we are certainly low enough that any additional drastic fall in prices seems relatively unlikely.
Equity – Why pay someone else’s mortgage? Renting is best avoided if possible. It may look scary out there when you consider people who are upside down on their mortgages, but many bought or refinanced at the height of the market. What has been devastating for some opens the flood gates of opportunity for others, so have your monthly payments build equity in your own future.
Interest Rates – They don’t get a whole lot better than this! I have recently put two people into their own homes and their mortgage payments, including taxes, insurance and HOA fees, are lower than they were paying in rent for their apartments. This might just be the time to speak to a lender.
Location – The old adage Location, Location, Location is especially true of this part of the country. We are relatively sheltered by our proximity to the DC / Baltimore area and that is likely to continue. Keep in mind that the statistics we read in the paper generally refer to the whole country. Is that really comparing apples with apples?
Stability – Rents go up, leases expire, and you still need a roof over your head! Owning your own home and having a fixed mortgage rate for the next 30 years, (which in my opinion is the only way to go), affords you the luxury of knowing exactly what you will be paying for… well yes, the next 30 years.
Amongst the local realtors I have spoken to, the general feeling seems to be that stock in Lake Linganore is low, always a sign of moving in a positive direction in any area. Whether you are renting and thinking of getting into the market for the first time, or considering moving ‘up’ to a larger home, now might be the time to take that leap of faith.
“Things may come to those who wait…but only the things left by those who hustle.” Abraham Lincoln
