We like to keep you informed about what is going on in the housing market, and right now, the update is easy: It's still a seller's market. Supply is still low. Home prices are still climbing.
We talked to a client recently who wanted to break into this market, but was a little discouraged with these climbing prices. This had them considering renting instead of buying.
It's important to know, however, that the cost to rent has been climbing right along with these home prices. In fact, here in the Phoenix area, it is 38.5 percent cheaper to own a house than it is to rent, according to Trulia's October Rent vs. Buy report.
If you buy you also benefit from equity buildup, home value appreciation and even some tax benefits.
In this market, if you can afford to rent, you can typically afford to buy. We also work with some great lenders who have fantastic loan products if you don't feel you have enough money saved up for a down payment.
Some potential buyers are also hoping to wait out this seller's market before they buy. However, there are no signs of home prices decreasing anytime soon. In fact, some sources are projecting that home values will continue to appreciate for a couple more years.
In any of these scenarios, finding a good real estate agent can be one of the best financial decisions you can make! Please reach out to us so we can help you find the best deal on the right house, get top dollar on your home sale, or find out how you can buy instead of rent.