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Buying vs. Renting in Today’s Real Estate Market
By Kevin Mihm | June 3, 2010
Rental properties and homes for sale in Pittsburgh provide a great opportunity for those who want to live in this wonderful, vibrant city, and many area residents take advantage of both housing options. However, one of the most common questions that arise regarding the Pittsburgh and Pennsylvania real estate landscape is just how beneficial it is to buy a home rather than rent one.
The question is a good one in today’s real estate market. While buying a house was once lauded as the best choice for people of all backgrounds, the truth is that buying a home is a big investment that takes time, preparation, and careful planning.
Reasons to Buy a House in the Current Market
It doesn’t matter whether you’re considering a Pittsburgh house or a Wexford condo – the reasons for buying a house are good ones regardless of what type of real estate you’re after. Why?
- Interest rates are low right now. With so many foreclosed homes on the market and more sellers than there are buyers, banks and mortgage companies are offering added incentives for homebuyers. If you plan on taking out a 15- or 30-year mortgage, this can translate to savings in the tens of thousands of dollars.
- Foreclosed properties offer great deals. Although the PA real estate market is doing fairly well these days, there are still more foreclosed and discounted homes on the market than there were five or even ten years ago. If you are in a financial position to buy, you may be able to get more home for your dollar than in another economy.
- You can make an investment in the future. Given the state of the current economy, most house values are set to rise over the next few years. If you do purchase a Pine Township home or a house in any of the outlying areas, you’re likely to see an increase in your home’s resell price within five to ten years.
Reasons to Rent a House in the Current Market
While we always encourage individuals interested in potentially buying a home to contact us to discuss their options, there are some key triggers that might indicate you’re better served as a renter. These reasons include:
- Little to no down payment saved up. Although there are zero-down programs available (particularly for first-time State homebuyers), it’s always a better financial decision to put some money into your home purchase.
- The possibility of moving or relocating soon. Pittsburgh homes for sale provide a great bargain right now – but they may not increase in value enough to immediately resell it. Buying a home and then needing to sell it right away can be a strain, since it’s likely to remain a buyer’s market for at least a few more years.
Contact Kevin Mihm For More Information
If you’re ready to start looking at Pittsburgh or Wexford homes for sale, or if you’d like more information on the benefits of buying a home versus renting one, call us today. Sometimes, it’s impossible to know if buying a home is right for you until you sit down with one of our trusted professionals and get all your questions answered.
Topics: Pine Township PA Homes for Sale, Pittsburgh PA Real Estate, Wexford Pennsylvania Real Estate |