Rent vs. Buy: How to Decide What’s Best for You

Rent vs. Buy: How to Decide What’s Best for You | MyKCM

According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.

While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.

1. Rent Will Continue to Increase

Rent vs. Buy: How to Decide What’s Best for You | MyKCM

This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own a home, you’ll lock in your monthly payment for the life of your loan, creating consistency and predictability in your payments.

2. Freedom to Customize

This is a big decision-making point for many people who want to be able to paint, renovate, and make home upgrades. In many cases, landlords determine all of these selections and prefer you do not alter them as a renter. As a homeowner, you have the freedom to decorate and personalize your home to truly make it your own.

3. Privacy

When renting, your landlord has access to your space in case of an emergency. If you own your home, however, you’re the one to decide who can come inside. Given today’s health concerns around the pandemic, this may be a growing priority for you.

4. Flexibility for Relocation

If you’re renting, it may be easier to move quickly should you have a job transfer or simply decide it’s time for a change. When you’re a homeowner and need to sell your house, this might take a little more time. Today, however, with the housing market’s low inventory, this may no longer be the case. Homes are selling at a record-breaking pace, so you may have more flexibility than you think.

5. Building Equity

When you pay your rent, your landlord earns the equity the property gains. If you own your home, the benefits of your investment go directly toward your net worth. This is savings you’ll be able to use in the future for things like sending children to college, starting a new business, buying a bigger home, or simply downsizing to save for retirement.

6. Tax Advantages

When you own your home, there are additional advantages that work in your favor as well. You can deduct things like your property taxes and mortgage interest (Always make sure you check with your accountant to see which tax-deductible benefits apply to your situation). When you rent, however, the tax benefits are directed to your landlord.

Bottom Line

It’s up to you to decide if you’d prefer to rent or buy, and it’s different for every person. If you’d like to learn more about the pros and cons of each, as well as resources to help you along the way, let’s connect to discuss your options. This way, you can make a confident and informed decision with a trusted expert on your side.

Why NOW is the perfect time to sell your home

silver and gold coins

Are you thinking of selling your home and worried about the timing? Now is the perfect time to sell real estate! Here’s why:

Our market is currently a seller’s market. A seller’s market exists when buyer demand is higher than inventory available. Historically low rates have qualified buyers searching for homes. Lower rates, and thus lower payments, means buyers can qualify for more than they could previously. Lower payments make buyers more comfortable making those payments, so the demand to purchase property is high. Many buyers are entering the market for the first time, yet many others are seeking investments and second homes like never before.

What does this mean for potential sellers entering the market?
It means you can get top dollar for your home this fall! Housing inventory is down, as many sellers have put off listing during the pandemic. Buyer demand is driving home and land prices up. In our area, most homes are receiving 3-5 offers in record time.
If your home is priced and presented right, it will sell and often at or above list. That doesn’t mean homes will sell for any price you choose, it must still appraise for contract price. However, it does mean that your time on the market can be greatly reduced. The expectation is that this trend will continue through the end of the year as buyers seek to close by the end of the year. If you’d like tips on how we can help you sell during these trying times, you can read more here!

10 Things we CAN do to sell your home in the Pandemic

crop businessman giving contract to woman to sign

10 things we CAN do to sell your home during COVID pandemic

  1. Host a virtual open House
  2. Place a COVID-19 form in your home, have it signed by all showings and their agents stating they are not showing symptoms nor have knowledge of being exposed
  3. Use social Media to promote your listing. We dont mean posting it, we can use Social Media for LIVE tours and real time chats with potential buyers, even ZOOM groups
  4. Track all online activity and personally contact those that are reachable
  5. Use a professional photographer to stand out above the competition on the MLS and all media
  6. Provide sanitizers, gloves, and disposable masks inside the home
  7. Give you a list of precautions to protect yourself and others
  8. Create a single property website for your home or property
  9. Help you stage the home. Staging has never been more important
  10. We’ll help you price it right. Buyers are in demand, they are not desperate, pricing policy still needs to be sound

We’re here to help you sell.

JULY 2020 Lake Conroe Area Real Estate Market Update

https://www.har.com//marketareavideos/detail/video/lake-conroe-area-july-2020-real-estate-market-update/438955823/87/?cid=HBUDDE <iframe width=”100%” height=”600″ src=”//player.vimeo.com/video/438955823?rel=0&autoplay=1″ allow=”autoplay” frameborder=”0″ allowfullscreen></iframe>
Thinking of Buying or Selling? Confused by conflicting reports of national averages and other headlines? We’re here to solve the puzzle for you.

Currently in our local market, we are seeing that historically low interest rates are driving buyer demand, while inventory of listings is down.

What does that mean to you?

For the buyers: Houses are selling quickly, competition among buyers is causing multiple offer situations on many properties, and prices are rising. Low rates are making buying a home possible for the first time for many consumers, and allowing dreams of second homes and vacation properties to come true for many others. Now is a prime time to buy a home, and if you find a home your in love with, act quickly because chances are someone else has their eye on it too.

For the sellers : Inventory is down as many homeowners are holding out listing their home at this time. Our area does not have the months of inventory that we had even a year ago. Sellers who list their homes are experiencing positive results. Buyers demand is up, and prices are increasing accordingly. It is a seller’s market at this time.

CLICK the link above to watch the Houston Association of Realtor’s July 2020 market Report for the greater Lake Conroe Area.

Lake Conroe Area July 2020 Real Estate market report