This Month in Real Estate for November 2010 has been released.

First, Jay Papasan shared from the National Association of REALTORS that home sales were up across the United States 7.6%. We’ve seen more Baltimore houses go under contract in October as well, and once those statistics are released later this week, I will compare them to the general U.S. numbers.

Nex,t Bryon Ellington describes how renters really ARE paying a mortgage — just not their own.

There are five hidden secrets to homeownership that renters should be aware of:

1) Rent tends to rise, on average, 3% per year. A fixed rate mortgage over the same time period, would not have raised at all. Yes, there would be other costs, such as taxes, insurance, and repairs, but these costs are built into rent by landlords already.

2) You can build wealth through equity. Bryon says to think of equity as a long term savings account. Each month, if you have a fixed rate standard mortgage, part of your mortgage payment goes towards your “principle”. This means that you are chipping away at what is owed on your home!

3) You can build wealth through appreciation. This is why in a buyer’s market, such as the time we are in now, it is so important to take advantage! Appreciation can happen at a quicker rate when recovering from a “down market.” Equity and appreciation generally take time. It is long term, not quick — so realize this when you are looking to buy.

4) Currently, interest on a home loan is tax deductible. So it can help your bottom line when it comes to taxes you must pay each year. Rent you pay just goes to someone else. Interest on your home loan is deductible, technically making that payment lower!

5) You can decorate it any way you want — without having to get your landlord’s permission!
So, stop renting, and start earning!

Contact me to take advantage of your buying power in Baltimore real estate!