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Odessa, Renter in Bergen Beach, Brooklyn...

is it better to buy or rent now?

Asked by Odessa, Bergen Beach, Brooklyn, NY Wed Dec 1, 2010

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Hello Odessa, most importantly it depends on your circumstances and the particular market you are considering the purchase in. However, as a rule of thumb, homes are probably fairly valued in a city when they cost about 15 times a year's rent. The longer you plan on staying in the home the more appealing ownership can be. Choosing to buy a home or to rent is a highly personal financial and life decision that many people struggle with. The top city to rent, rather than buy is, New York City, where the price-to-rent ratio is around 35. The top city in which to buy compared to renting is Arlington, Texas, where the median price of a single-family home is $107,960, and the price-to-rent ratio is 7. Good luck with your decision.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Thu Dec 2, 2010
Odessa,
It's best to do what fits your needs at the present time.
Both are fine.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Thu Dec 2, 2010
This is a common concern which can be answered by utilizing this helpful calculator provided by the NY Times; http://www.nytimes.com/interactive/business/buy-rent-calcula…
0 votes Thank Flag Link Fri May 10, 2013
Good reports in here: http://info.trulia.com/rentvsbuy

Bob
0 votes Thank Flag Link Fri May 10, 2013
Hi Odessa
From Beatrice Karbowski, 917-887-9164

Should you buy or rent? This depends upon your finanical situation, I suggest you talk to a Bank, Real Agent,
who can guide you in the direction that will your circumstances.
However, overall in this markets when rates and houses are low, it would be a good time to purchase.
0 votes Thank Flag Link Fri Dec 3, 2010
NOW is the time to buy. Interest rates are starting to rise slightly. Shop wise!
0 votes Thank Flag Link Thu Dec 2, 2010
yes pricese are lawer when you rent you lose your monney when you buy then you sale you make more
0 votes Thank Flag Link Thu Dec 2, 2010
It really depends on your situation. In the long run it is better to buy, even if you don't buy at the absolute lowest point in the market.

If you have good credit, enough money saved up for down payment, then my recommendation is to choose an area you like to live in. Investigate what properties are selling for and how much a rental in the same community will cost you. Then decide how long you would be happy living in the area. This exercise will give you the data you need to analyze a rent vs. buy scenario that will help you make an informed decision.

We did the same analysis before buying our home. 14 years later we would have to pay twice what we pay for our mortgage, taxes and insurance to rent a comperable place, not to mentione that we have built a sizeable equity in our home that will help with our retirement.

Best of luck to you.
0 votes Thank Flag Link Wed Dec 1, 2010
The answer depends on your current situation and your short/mid term plans.

If you are planning on staying in the same area for several years I could be a great time to buy.

If you are planning on moving anytime soon that it would make more sense to rent.

There are some calculators online that compare rent vs buy scenarios. They are kind-of fun to play with and may help you compare options.
0 votes Thank Flag Link Wed Dec 1, 2010
Its a terrific time to buy Odessa.

Good luck.
Perry
Web Reference: http://ruthandperry.com
0 votes Thank Flag Link Wed Dec 1, 2010
Hi Odessa,

Due to the low mortgage rates, I would say that it is a great time to purchase a property. If you are interested in seeing what mortgage options are available to you, feel free to contact me. I would be glad to assist you with any questions might have.
0 votes Thank Flag Link Wed Dec 1, 2010
Yes..this is the best time to buy, rates are less than 4.5%....contact me 646 275 6897..i will help you.
0 votes Thank Flag Link Wed Dec 1, 2010
Its always better to buy if you can afford it.
0 votes Thank Flag Link Wed Dec 1, 2010
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