If you have been asking yourself the question whether you should be buying when you are currently renting – you are not alone. Just make sure you have a look at a Renting versus Owning Calculator that will give you the monetary information of advantages when it comes to owning a home.
Have you been wondering about buying real estate versus renting real estate? Certainly it has been a hot topic of real estate news for the past couple of years, but the topic has always been a popular one and there are great reasons for both sides. Real estate has had a bad rap of late because so many people lost their shirts by buying homes that cost more than they could afford, not to mention buying homes at inflated values, then when the markets crashed the same home owners were stuck with loans that were worth far more than the homes were were. However, real estate is still seen as a solid investment for many over time.
The benefits to renting are clear. Renting a home is the thing to do if you are not planning on staying in your area for long, if you do not have steady employment, and if you cannot afford the down payment or qualify for a loan.
Buying real estate is the route to go if you can qualify for a loan, can afford the monthly mortgage, have steady employment, and plan on staying put for a couple of years. But, the biggest reason to buy real estate today is affordability. Affordability rates are amazing at the moment with low home values and mortgage rates that are hovering right around 4%.
The crazy economy is adding to real estate affordability. There couldn’t be a better time to buy real estate, whether for an investment or for a primary residence, and in many locations it is actually cheaper to buy than rent. The best investment is where you buy low and sell high, it’s all about timing.
Are real estate prices bottomed out? I am sure you can answer that question by what you are seeing on the 5 o’clock news and reading on line. The answer to that is “No”. However, when you are reading real estate blogs and real estate related website – they mostly all saying “Yes…” I suppose they have a vested interest in you buying right this minute.
We want our clients to make better informed decisions. You should want that for yourself as well. As Paris always says, “You are not buying a pair of shoes”. Check out our real estate Crash Course, designed for Sellers and Buyers in today’s Real Estate economy!