Confused regarding the pros and cons of renting versus home buying?
Are you trying to form a list of positives and negatives for yourself concerning this issue?
Not sure if NOW is even the time for you to take either action?
CNNMoney.com just provided some pretty amazing statistics regarding the possibility of rising rents in the near future. If these statistics are even close to being true, you might want to add these predictions to the "reasons to BUY a home" list immediately.
According to a March 15th article found on the CNNMoney.com site, Peggy Alford, president of Rent.com is quoted as predicting that "prices will explode" for renters. She also predicts that in the "hottest rental markets", increases in rent will exceed the 10% mark annually over the next couple of years. Some cities may even experience higher increases.
Why? What is going to drive the rental market and the predicted coming increases? Experts are saying as the recession eases, the number of Americans that couldn't afford to live on their own during the economic downturn will begin to fall. People will be back at work and return to more independent living arrangements. Younger people will move out of mom and dad's basement.
It is also predicted that foreclosures will still enter into the equation for some time in the future. And those people foreclosed-upon, will need rental places to live.
Construction of new rental properties has also been at somewhat of a standstill the last few years. It will take a few years for new construction to catch-up with new demand. During this intermediary time, landlords will have a glut of hopeful renters jockeying for available rental spaces. Rental costs are predicted to rise as a result.
Now I acknowledge that for some, buying cannot be an option at this time. But even if that is the case, getting on the PATH to homeownership is attainable (should that be hoped for). And the argument can be made, that should rental prices continue their rise ... and payments for housing rental and ownership are going to be somewhat equal for you ... wouldn't it at least make sense to investigate the possibility of becoming a homeowner? Think equity ... lifestyle ... family benefits.
Homeownership however, cannot be accomplished without hard work and preparation in this current real estate market. So, my recommendation to those thinking or hoping to become a homeowner at some point in the future is this ... get to a professional mortgage lender NOW! Don't remain blind to the housing possibilities and options that exist for you currently ... or for your future. Educate yourself.
Find out what your personal options are, both financially and "accommodation-wise". Get the facts. Work on attaining the best credit possible. Take control. Be prepared for your future. Then, no matter whether buying or renting lies in your future, the choice will be yours to make ... and your personal financial path will be much healthier.
* To find out what possibilities lie in your future ... or to get on the PATH to a better financial future, please contact me for guidance and assistance. Together we will discover the options that exist for you currently and for your future. Contact me at: http://www.genemundt.com/Contact-Info.html. I look forward to working with you soon.
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