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Vijay Almeida, Home Buyer in Edison, NJ

How is the rental market in Owing Mills?

Asked by Vijay Almeida, Edison, NJ Sun May 11, 2008

We are planning to buy a Townhouse with a view towards staying there for 3-4 years after which we plan to rent it. Also, is there any other area in the area which is better than Owings Mills from a renting perspective. Any advise is appreciated. Thanks.

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Chandler’s answer
Rentals are expensive in Owings mills. Townhomes are being put on market for 1500. For that kind of money someone would rather buy the damn thing.

However, on the other hand, the property prices are spiralling downward in Owings mills. Foreclosures abound. I have looked at 3-4 foreclosures and couple of short sales in space of 3 weeks.

Its a very tricky situation. For $1500-$1600 you would rather pay a mortgage. However, are people willing to take the risk of losing equity? If no, then they will rent. But then why rent for that amount in Owings mills? You can also rent in Perry hall which has much better schools or even timonium (for little more).

I suggest looking at couple of properties to get a feel of the area. Ignore any realtor who says "buy now - before deal runs out". We have heard that one before!
1 vote Thank Flag Link Thu May 15, 2008
Hi Vijay,

I am a Realtor working out of the Owings Mills office of Coldwell Banker. In all honesty, your question is a bit tricky to answer accurately. The state of the market in 3-4 years is likely to be very different than today. So I can only tell you what it looks like today. There are 18 townhomes currently on the market in Owings Mills (my search was for townhomes renting for $2500 and less). They range in price from $1550-$2300.

I don't deal too much with rentals in this area, because quite honestly, it usually pays to purchase here rather than rent. With that said, there are still people looking to rent for various reasons. My best advice is to purchase soon, while the market is still in favor of the buyer, and then reevaluate your situation in a few years to see if it would make more sense to sell or rent out the home. I would be more than happy to assist in any way I can in finding your home. Please feel free to drop me an email at ldevnew@cbmove.com. Best of luck to you!
1 vote Thank Flag Link Mon May 12, 2008
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