Back to Results
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
As many of my colleagues stated below, the market trend looks like it is continuing upward. that's for both mortgage rates and home prices. I blogged on this topic in July encouraging renters to consider buying before they got priced out of the market. Here's what I posted about renting versus buying in the East Metro...
If you are currently renting an apartment or townhome, have you considered becoming a homeowner? You may be quite surprised at what you might be able to buy. Low mortgage interest rates have made home ownership much more affordable for many. In most cases, you'll likely be able to buy a townhome of the same size or bigger than your rental, for the same monthly payment or less than you are paying in rent. Consider these two examples of rent in the east metro:
2BR/1BA, 900-1100 sq. ft. ~$10003BR/2BA, 1400-1600 sq. ft. ~$1500
Renters in such situations can indeed afford to buy a home (principal & interest, mortgage insurance, association fees, real estate taxes and property insurance included) on the same budget. Consider these total monthly payments to own a townhome in comparison:
2BR/1BA 1000-1200 sq. ft. $850-$10003BR/2BA 1400-1700 sq ft $1000-1200
Buying does require a down payment. Buyers with a reasonable credit history (credit score of 650+), should be able to find loans for as little as 3.5% down, or $3500-$5000 in these examples. In some cases, that down payment can be recouped in one year based on the savings of the lower monthly payment as a homeowner. Furthermore, you'll be building equity in your home and be able to take advantage of some substantial tax breaks available to homeowners.
As you can see, home ownership makes good financial sense for those in a position to take advantage of reasonable home mortgage interest rates. If you are a renter who is interested in becoming a home owner, let me help!
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $99,900
For Sale: $269,900
For Sale: $239,900