To Rent or Buy?

To Rent or Buy?

  • Jackie Scura
  • 11/15/22

We’ve been hearing this question a lot lately from people who can purchase a home but are unsure if they should wait. DO NOT WAIT! Here are five reasons why if you CAN afford to purchase a home you SHOULD purchase a home. 

  1. The time to buy is when no one else is. Looking back to 2009/10, 2001, and 1994-1996 (ish), people who bought homes during economic downturns purchased at a lower price and had higher appreciation than similar homes purchased 3 years later.
  2. As soon as the Fed signals an end to interest rate increases, buyers who decided to sit on the sidelines will be back on the hunt. This pent-up demand means that there will be more buyers to compete against. Buying now ensures you have little competition and can negotiate a reasonable price.
  3. The old adage that you date the rate but marry the price is true! Discuss options with your mortgage broker, maybe an ARM is your best bet, or you could plan to refinance when rates (inevitably) go down.
  4. Sellers who are listing their properties in the next several months are serious and want/need to sell. There may be more opportunities to negotiate. 
  5. Interest rates ARE rising but renting is 100% interest! While rents and mortgage rates are up now, rents continue rising regardless, usually around 2-3% a year. As a buyer, you are the one in control! 

Have we convinced you? Give us a call and we can show you some options within your budget. With decades of experience in Morris County, we can help you find the right place for you to call home.  

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I’m proud to be a top agent in Morris County, and of receiving top sales awards every year, but what I’m most proud of is my professional reputation. My clients are trusting me with some of their most important personal and financial decisions and I take that seriously.

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