Rent vs. Buy

If a short sale, foreclosure, or bankruptcy aren't holding you up...WHY NOT buy right now. Prices are still low but are have seen a 10% increase over the last two months! You still have the chance to buy a home for often times a lower monthly payment than you could rent the same home for.
Let me help you walk through the process of asking the important questions about your individual situation and find the best answers.

Amy Fosha
Keller Williams Realty Boise
(contact info removed by moderator, please see Good Neighbor Policy for posting guidelines)
  • May 25 2011 - Boise
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Answers (5)

Good point. It really is a great time to buy or invest in real estate.
  • May 25 2011
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Profile picture for SteadyState
Amy -
With agents like you and Michael who need enemies. Zillow clearly shows your area in a different light:
Y-t-Y: down 2.5%
Q-t-Q: down 4.6%
M-t-M: up 3.6%

The data is very noisy and it is difficult to identify a trend. But a 10% increase is clearly not on the cards.
More over in Boise there are 2541 homes for sale and only 21 recently sold homes. 10% increase my foot!
Since this is your first post you may be forgiven for including your contact information in the post - this is not done (see Zillolow's good neighbor policy).
In Michael's area it is worse - the trend is stronger downward.

Y-t-Y: down 3.2%
Q-t-Q: down 3.6%
M-t-M: down 1.3%

Great propaganda Amy and Michael - let's make some more people homeless!
  • May 25 2011
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Just like the great investor Warren Buffett says. Buy when no one likes it and sell when the market is hot. The real estate market does not look so hot right now. So i guess if you plan on staying in a new home for a long time would you not agree that you should buy when things look not so good. Or wait five years or longer then buy. Most likely you can not time the bottom so do not try. Just buy the American dream & buy within your means.
  • May 30 2011
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Anthony, "Warren Buffett says. Buy when no one likes it and sell when the market is hot."

Somehow I do not think Warren ever said to buy a stock when it was overvalued and was still dropping in price. He would normally wait until the price had bottomed before buying.

A house is the same way. As prices are going lower and lower it makes sense to wait to buy until prices have bottomed and are on the way up a little bit over a reasonable time frame like 6 months or a year. If programs like the $8,000 bribe take effect it makes sense to wait at least 6 months after it ends to see how prices react. In that example they started down again once the program ended.
  • May 30 2011
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Profile picture for SteadyState
I am also a 100% certain the Warren Buffet will never buy securities where the commission is 6%! Per his advice buy no-cost/no-fee funds that track the general market (e.g., Vanguard S&P 500, SPY, etc.) But I guess REAs forgot to mention that Warren Buffet avoids investments that require paying commissions!
Moreover, Warren Buffet has lived in his home for 30 years! If this is a great time to buy why can a REA not convince him to buy - he has great credit, he will put more than 20% down, and he is is a straight shooter!
 
  • May 31 2011
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