As a realtor, I often have friends ask me “how’s the market doing?” Well, the market couldn’t be any better for buyers or for sellers. With very low inventory and what we foresee to be only the beginning of a upshift, it is the perfect time for both buyers and sellers. Rent prices are inflating year after year. With interest rates around 4%, RIGHT NOW is the time to lock into a mortgage.
The chart below shows a cost comparison for a renter and a homeowner over a 7 year period.
The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000
After 6 years, the homeowner's payment is lower than the renter's monthly payment
With the tax savings of