Rent vs Buy in Arlington>Question Details

Leah, Home Buyer in louiville,oh

we a family of five will be moving to washington d.c this fall for 3 yrs better to rent or buy

Asked by Leah, louiville,oh Fri Jun 13, 2008

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4
If you're only going to be here for 3 years, then rent. If you'll be here longer than that, then buy.

We're at or very near the bottom of the real estate market here in Northern VA and prices should remain flat/go sideways for several years before starting to appreciate once again.
Web Reference: http://www.LoudounScene.com
1 vote Thank Flag Link Sat Jun 14, 2008
Leah,

A 3 year time frame is right around the boundary for this question about ownership, as the metro DC area is better insulated against price declines due to the stabilizing effect of the Federal government. To better answer this question, it would be very helpful to better know what your family is looking for. We find that many times that people coming from lower cost areas have expectations that don't mess with the local market, which is one of the higher cost metropolitan living areas. If you can provide a bit more info about what you want in a home, employment, and the like it would be much easier to provide good information.
1 vote Thank Flag Link Fri Jun 13, 2008
I would rent. Prices are unlikely to appreciate significantly, if at all, in the next three years. After paying for closing costs, insurance, upkeep, and a realtor commission (when you sell), you're more likely to lose money than to profit on the transaction--even considering the tax benefits of buying. Although we may be near a bottom in the DC area right now, people who think that prices are just going to bounce back and start appreciating significantly again in the near-term are largely kidding themselves.
0 votes Thank Flag Link Tue Jul 29, 2008
I would answer this by saying: "How do you want to spend your money???" I have a 5 bedroom / 5 bathroom home on the market. I was built in 2005. Extrememly nice. It is right in the heart of Crystal City. You have 4 metro stations that you can walk to. The Reagan NAtional airport is 5 minutes away. It is on 21st Street South. Perfect for a family of 5. My personal email: realatty40@safe-mail.net
0 votes Thank Flag Link Tue Jul 22, 2008
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