Benny Kass:After the inauguration, people still may want to rent your property!
After deciding “I am not sure that we can sink much lower,” Washington Post housing columnist Benny Kass projects some positive developments in next year’s real estate market in his latest column. First, Kass acknowledges some obvious truths about today’s circumstances: that interest rates are low, and that he ” cannot recall a better, stronger buyers’ market.” But then Mr. Housing Counsel steps onto fresher ground:
It’s also a good time to consider renting out your house — and not only for the Obama inauguration. A lot of new people will be coming to Washington to join the new administration, and the old guard usually stick around as lobbyists or publicists. And many people are either unable to qualify for a loan or just plain afraid to jump into the real estate market. Accordingly, I believe that the rental market will remain strong in the Washington area in 2009.
Oh, and another thing in Kass’s 2009 real estate crystal ball: 40-year loans with lower monthly payments.
Photo by KCIvey, Flickr Creative Commons