What should potential home buyers consider when thinking of renting vs buying?
People need a place to live and it’s a very personal decision.
In the past year home values rose over 11% and we have seen those double digit appreciation numbers for about 5 years.
So, with the average price of a bout $430K
A Very conservative appreciation in just 1 year is over $30,000 = 7%
If you plan to stay for 1 year it might make sense to buy, here is how I have made the calculation
Bank Rate.com Mortgage Calculator
So if you plan to stay for more than 1 year right now, you would make money?
With the rates as low as they are…
It’s actually less money to Buy vs. Rent
Plus I am told there is a lot of competition for rental homes right now.
I’m seeing even smaller townhomes in the best school districts rent for nearly $2000 per month
How do you Determine what the Rent Rates are?
You can Visit: Rentals.com or there are some Rentals in the MLS at: PPAR.com
In most cases I am seeing Single Family Homes rent for between $2200 - $3300 or more right now.
The exception might be if you are in the process of building a home or something that is more temporary than 1 year.
When we come back, we will be discussing: Why The Fall and Holiday Season is a GREAT Time to Sell Your Home and Hot New Listings!
