To Rent or Buy A San Antonio Home - That Is The Question
Posted by Randy Kelley on October 16, 2009
So, you’re new in town and plan to eventually buy a San Antonio home, but you’re considering renting an apartment or house while you scout out the area .
Temporarily renting might be a reasonable alternative, but, before you leap into a lease, first do some homework. Remember, while renting, you run the risk of missing your best buying opportunities while tied down as a tenant. In other words, renting at the wrong time can cost you money for long time.
Here’s how to do your rent vs. buy research.
If you have time, use the Internet to search for local realty news at sites like mysa.com or Realty Times. Use sites like Trulia.com to ask questions of local realty experts and visit their blogs.
Ask a trusted friend or business associate to refer you to their favorite realty agent or mortgage lender. Don’t hesitate to call for advice. Realtors and lenders will be willing to help, hoping someday you’ll use their services. In the unlikely event that someone gets pushy or uses a hard sell technique on you, you can always say “no thanks” and go away.
So, here’s what you need to know.
First, is it a buyer’s market or a seller’s market? If it’s a buyer’s market, think twice about renting.
Second, are the mortgage interest rates very favorable and what are the projections? If the rates are very favorably low, but projected to increase, think twice about renting.
Third, are home values appreciating or depreciating? If the values are depreciating and projected to go lower, then renting and waiting for the market to reach bottom might work well.
Fourth, are the prices for homes for sale going up or down. If they’re going up, then consider buying a right away home before they go higher. If they’re going down, you should either buy now or wait for the market to reach bottom.
Fifth, keep in mind that all realty markets have fairly predicable seasonal activity cycles. Find out the best months to purchase a San Antonio home. If you’re in a low sales month, you might forget renting and take advantage of your stronger position as a buyer capitalizing on a weak market.
I’m available to help you make your rent vs. buy decision. I’m Stephanie Kelley, Accredited Buyer’s Representative (ABR®), Certified Residential Specialist (CRS®), Graduate Realty Institute (GRI ®). I’m a Realtor ® at Keller Williams Legacy, San Antonio. You can visit me at sanantoniohomequest.com, call me at (210) 867-8743 or (210) 863-2661, or E-mail me at swkrealtor@aol.com.
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