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Why are people waiting for Boston home prices to drop and interest payments to drop while they're still paying their landlords' mortgage payment?(translation; throwing money away).  Bobbie Chipman wrote this article a while ago. I am now posting the article as I could not have said it any better:

You’re Already Paying a Mortgage-Is It Yours?

We are very fortunate to live in our community; employment is high, our environment is beautiful, and the real estate market is opportunity waiting to happen………yes, I said it.

Based on the numbers in the 2007 summary report published by Northwest Multiple Listing Service, the median appreciation of homes went up 2.84% and the average appreciation of homes increased 3.48%.

If you are a tenant you are paying the mortgage for your landlord-you should consider becoming your own landlord-in other words, it’s time to buy.

For example:
If you rent for 5 years with a starting rent of $1,200 (with a 3% annual increase of rent) you will have paid $76,654 to your landlord.

If you purchase a $300,000 home, in five years (with a 3% annual property value increase) your home would be worth $347,782-a profit of $47,782. This example doesn’t include the equity added by your monthly payments or the interest paid tax deductions you have.

Hmmm, $76,654 (rent paid) plus $47782 (equity growth that you’re missing if you are renting) equals $124, 436….that you could lose in the next five years.

Any way that you do the math, it’s time to buy.

Compliments of Bobbie Chipman, Managing Broker, Puyallup.

Questions? Prudential Prime Properties Realty Group is available and happy to answer your Boston real estate related questions or to assist with all your Boston relocation needs. Please let us know how we can help you get out of the rental, and into a home in Boston and building equity for your future.