Friday, June 24, 2022 / by Shane Kilby
Buying vs. Renting in This Market
Should you be renting in this market? Here’s why you shouldn’t.
This crazy market has resulted in some buyers feeling fatigued with their home searches. They’re starting to wonder if it’s a good idea to just rent for now while they wait for the market to cool down. However, is that the best real estate decision? Today I’ll share my thoughts on this topic to help you decide whether to buy or rent now.
"The last thing you want is to be locked into a 12-month rental lease."
According to the National Association of Realtors, the average homeowner has around $300,000 in equity, while the average renter has an $8,000 net worth. If you buy a home now, you can be in a better position in the future, even with inflation and climbing interest rates. The last thing you want is to be locked into a 12-month rental lease.
Buyers, here’s my message to you: I know you’re exhausted, but hang in there. You will get better tax advantages by purchasing a property compared to renting. Have faith in your real estate and lending advisor, and let your trusted professionals handle the transaction to make your experience as stress-free as possible.
If you have more questions about the processes involved in buying or selling a home, don’t hesitate to call or email me. I’ll be happy to help!