It sounds incredible – even though average pricing is 20% HIGHER now than this time a year ago, there were 4% MORE sales between June 1 and July 22 (mortgage rates were about the same in both periods):
NSDCC Detached Sales, June 1 – July 22
| Year | |||
| 2009 | |||
| 2010 | |||
| 2011 | |||
| 2012 | |||
| 2013 |
These buyers probably had their interest rate locked before rates popped over 4% at the end of June – we’ll see how it goes from here!
Compared to 2009 (when rates were in the 5%s), there were 55% MORE sales this year, even though average pricing is 14% HIGHER.
At some point you have to move on I guess, you can’t keep your life on hold forever (well I guess if you could live forever that would be a different story).
So your life is on hold until you buy a home. I thought renting gave you quite a bit more freedom in pursuing opportunities at the expense of building equity.
renting or owning, it’s a personal choice.
But a lot of people want to put down roots, not just for themselves but for future generations.
Others just want to own it to make it their own(can’t tear down walls etc.. when you rent).
Agreed on the rent vs. buy.
I sent this to a client this morning who asked the same question:
The reason to buy is to plant roots in a community where you are certain you want to reside for a long time – and maybe forever.
Otherwise, renting provides maximum flexibility for those who like the adventure of moving, and prefer to skip the headaches of homeownership.
The mortgage-interest deduction is uncertain, so that reason for buying is out the window, and appreciation is likely but not guaranteed.
Kayla agrees:
http://blog.estately.com/2013/07/17-best-u-s-cities-for-hippies/