Still on the fence about buying over renting a RI home in South County RI? Rents are up, available supply has decreased and new construction is just not happening. As Gene shares below in his financial analysis on home buying over renting, buy while you can but first make sure you can. If you are not quite there financially yet then work with a mortgage person before you come to see me to find a home! Are you a first time home buyer? Well then get your financial ducks lined up so you don't miss this opportunity in the current housing market.
Trying to Decide Between Renting & Buying a Home?Here's Some Facts, Info, & Suggestions to Consider ...Here's a recent headline that will catch the eye of anyone interested in real estate, a potential homebuyer, renters, and mortgage lenders or real estate agents ..."Study: 26% of Renters spend over HALF of their income on housing".This headline, from www.calculatedriskblog.com sure got my attention. There were a few other astounding pieces of new information contained within this post that about made my head spin too. Maybe the most amazing was this ...This is the highest level reported in half a century.Totally amazing. And how about this? From Inman News on April 26th, 2011 ..."Rental listing prices nationwide jumped 7.4% in the last year while for-sale listing prices dropped 8.8% ... according to a report from HotPads, a property search site".Other recent articles online and in print have also suggested that rental vacancies are becoming increasingly harder to come by in many metropolitan areas. That has caused an upheaval in rental prices within those cities.With new construction, both residential and commercial, being currently lackluster, no one is predicting an increase in the number of rental units newly available to the rental market anytime soon either.So I ask you ... If the above information was a math equation ... what would the answer be?I suppose the answer could be determined by the math equation YOU find within this information. But for me? The answer for the equation I see is clear.I say if all things are equal ... if the out of pocket cost to rent is the same as a mortgage payment for your own home ... why would you not at least check-out the possibility of owning?Now that being said, it's clear that the comparisons being made DO have to be equal and precisely the same. The apples being compared to apples thing. And I'm not promoting purchasing a home across the board. No ... home ownership is not for everyone. Not always possible. Not always the right thing to do.But what I'm advocating is this... do your own math. Do your own homework. Roll up your sleeves and do a little investigating work. Dig around on the internet. Ask the hard questions regarding your local housing market. Make the calls. Grill the real estate professionals in your area.Here's something else to consider. The housing sale statistics for March 2011 showed that all-cash purchases (mostly investment purchases) made up a record 35% of sales. That is a HUGE clue as to what investors think will make them some money ... and the wisdom of buying a home in this current market. Something for potential home buyers to think over too. If it makes sense for the investors ...So now you've read this post. You've seen the information and have some facts and statistics to think over. What are you going to do?Finding out if YOU are personally capable of buying a home is the first crucial step in your investigation. The mortgage financing of your home is where you must begin ... and end ... any home purchase or transaction. So again, I strongly suggest ... Contact Me ... or your local mortgage lending professional to find out the facts about buying a home and your mortgage financing options.Making the important decision to Buy a Home -vs- Renting has never been more critically hinged on your individual and personal financial scenario. Not your best friends. Not your parents. Not your co-workers. YOURS.* To help you make your personal home buying decision ... and in the gathering of your home buying facts and financial documents, CLICK HERE to view and print a handy list of documents you will need to accomplish your investigation ... and to make mortgage application, should you find that you can and want to purchase a home. It will make your decision easier and future processing of your mortgage much more smooth and quick.
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman a purveyor of Fine Waterfront RI Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond ... I sell dreams! because there is no place like home...the RI Realtor in the Sparkly Red Shoes.
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cell: 401.529.7849 office: 401.884.4100 ext.268 Ginny Lacey Gorman, Realtor