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Old 07-08-2008, 12:22 PM
 
62 posts, read 211,319 times
Reputation: 28

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Quote:
Originally Posted by scimitar12 View Post
Not really true in today's market. Most of metro D.C. will continue to see price declines in the near future.
Good point - which can be backed up with this recent article from MSN. It references a study that shows Washington DC Metro homes could lose between $80,000-$87,000 of equity between now and 2012.

"34 cities where it's still better to rent"
34 cities where it's still better to rent - Rentals - MSN Real Estate
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Old 07-08-2008, 12:36 PM
 
Location: Loudoun County, VA
1,148 posts, read 3,362,767 times
Reputation: 402
Hmm maybe we'll rent another year after all.
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Old 07-08-2008, 01:33 PM
 
951 posts, read 1,290,662 times
Reputation: 1299
I don't get it. Why is VT Hokie listed as "banned'?
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Old 07-08-2008, 02:50 PM
 
523 posts, read 1,289,743 times
Reputation: 134
Quote:
Originally Posted by ersatz View Post
I don't get it. Why is VT Hokie listed as "banned'?
Maybe the moderator thinks that it's a great time to buy.... Just kidding
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Old 07-08-2008, 04:23 PM
 
3,504 posts, read 7,920,013 times
Reputation: 3466
My mortgage on a 500k SFH is under $1500 a month - why in the world would I rent for over 2,000 a month?
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Old 07-08-2008, 05:36 PM
 
31 posts, read 137,259 times
Reputation: 26
Quote:
Originally Posted by Fairfax Mom View Post
My mortgage on a 500k SFH is under $1500 a month - why in the world would I rent for over 2,000 a month?
Is this even possible?? What is your interest rate?
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Old 07-08-2008, 06:14 PM
 
7,966 posts, read 18,043,285 times
Reputation: 2588
Quote:
Originally Posted by mojo_1979 View Post
Maybe the moderator thinks that it's a great time to buy.... Just kidding
Probably not... but the original post predates this moderator.
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Old 07-08-2008, 06:35 PM
 
Location: Gainesville, VA
1,261 posts, read 5,044,273 times
Reputation: 719
Quote:
Originally Posted by Fairfax Mom View Post
My mortgage on a 500k SFH is under $1500 a month - why in the world would I rent for over 2,000 a month?
Ditto on what Shabba Doo said... that's not possible to finance $500K and have a $1500 a month house payment. We financed $450k and our payment including home insurance and taxes is about double that! What details are you leaving out?
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Old 07-08-2008, 06:41 PM
 
Location: Richmond, VA
2,306 posts, read 1,355,109 times
Reputation: 949
Quote:
Originally Posted by Shabba Doo View Post
Is this even possible?? What is your interest rate?
She probably had a large down payment. Our home was $525K, but we only financed $378K...
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Old 07-08-2008, 08:02 PM
 
Location: Arlington, VA
1,430 posts, read 3,481,686 times
Reputation: 773
I have mixed feelings on this issue.

Right now I am renting a house in Arlington with friends after apartment living for 4 years. I want to buy a place and it seems like there is a lot available, however it would definitely have to be a LONG term investment and definitely be everything I'm looking for.

I've just heard so many horror stories from people I know that naturally it makes me nervous to even think about buying right now. A friend of mine bought a townhouse in Cascades for $450K in early 2005..he got it for a "bargain." Fast forward three years later, the identical one right next door just sold for $309K, and that was with an updated kitchen. Several others used those tricky interest only loans (I always thought they were a sham) and now can hardly afford the monthly payments. Stories like these are enough to make anyone leery. I know granted this is a tough time in the market but still, as someone who has never made such a large purchase, it definitely takes my buying enthusiasm down a notch. I also don't really have much of a desire to live out past Tysons so I'm naturally stuck with higher payments anyway. I guess on the positive side, I plan on being here for a while and after 4 years of living in a SMALL apartment i was able to save enough for a decent downpayment.
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