Is Buying Really Better than Renting Right Now?

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Education & Training with Real E Smarter

Spokane Real Estate Expert - Ross Quintana

 

Ross Quintana Spokane WA Real Estate Expert This question is poping in the minds of many people right now with the economy the way it is and fears of unemployment. Sometimes people think of owning a home as a big commitment that is hard to get out of. Here are the two things to consider when comparing renting versus buying.

Which Way to Go?1. Commitment - You may think renting is like dating and buying is like marriage, but the fact is that renting comes with the commitment of a lease which you can not break. Home ownership comes with the option to sell at any time. Find the right agent and you will move it even in a slow market. Buy right and a great agent can sell high in low markets (OK insert TQ plug here).

2. Cost - Home owning with these low rates can't get any cheaper. Homes are priced low with flexibility because of all the choices. Now is a great time to buy. You'll thank yourself when the market goes back up. Or you could rent in a down market with low prices and then wait until things look better and prices are higher.

Cost and commitment of buying are both better than renting. Buy low sell high. This is a great market for buyers.

 

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Rainmaker
250,366
David Monsour
Coldwell Banker Select Professionals - Gettysburg, PA
ABR - www.realty-insights.com

You could make a pretty good argument for renting as well, but those are certainly solid reasons for buying.  The market conditions couldn't be any better for someone with a stable job and income.  Rates aren't going to stay where they are for long.  Its just not economically feasible. Replacing yourself with other tenants is a pretty easy way to get out of most leases.

Oct 29, 2009 03:54 PM #1
Rainmaker
1,817,940
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ross, 2 very good points made...hopefully this gets to the right people.

Oct 29, 2009 06:10 PM #2
Ambassador
2,028,852
Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

Ross:  If you are going to pay for somewhere to live, you may as well get a tax break in the process.  I rented for one year outside my parents home.  After that, home ownership.  I like keeping more of the money I make.

Oct 31, 2009 10:35 AM #3
Rainer
8,910
John Akers
Keller Williams - Kent, WA

On the commitment side of things, you will have to pay for housing no matter where you live.  Whether you rent or buy (as long as you're not living with your mom!) you are commited to paying for your living quarters. 

Dec 03, 2009 04:02 PM #4
Rainmaker
54,332
Rick Callaham
Team Quintana Real Estate - Spokane, WA
Spokane Realtor

I agree you are commited in similar ways and moving is the same either way. I think that owning gives you the opportunity to sell whenever you want if you have enough equity where a lease has you until a certain time period so in some ways it is less flexible though people think it is more flexible.

Dec 17, 2009 01:30 PM #5
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Rainmaker
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Ross Quintana

Real E Smarter Real Estate Coach - 509-362-1966
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