Reply #22: I'm a new Realtor in the "metro DC area" actually [View All]

[pokercat999]

just on the edge in Fredericksburg, VA. Our single family homes increased 30% in value from 2-2004 to 2-2005. A house in this area valued at $300,000 is increasing in value about $7980.00 PER MONTH!
Young people cannot find homes that they can afford. I just took a listing on a 15 year old colonial, a nice but very basic home, no garage, older neighborhood, 3 bedrooms with 1 full and 2 half baths about 1350 Sq Ft....price $284,900.00 and we'll sell it as soon as it's ready to show in about 1 week! Most experienced Realtors I know believe this market is nowhere near the top!

One big thing renters lose out on is the tax breaks home ownership provides. $250K for singles and $500K for married couples filing jointly profit on the sale of a home that has been your primary residence for at least two of the last five years is exempt. Plus the regular deduction for interest on your mortgage.