Market Conditions in 11758>Question Details

Maurice K Ea…, Real Estate Pro in 11762

Today, considering the falling mortgage rates, is it cheaper to buy versus rent?

Asked by Maurice K Eason, 11762 Wed May 15, 2013

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For many, it is cheaper to buy then to rent right now. Both interest rates and home prices are down. Many expect that the Federal Reserve will end it's monetary easing policy either later this year or next year. If that happens, interest rates are almost certain to rise.

However, the decision to purchase a home should not be based solely upon a rent vs buy analysis. There are many factors involved, most of which are specific to the individual.

Thomas Moser
Licensed Associate Broker
Keystone Realty USA

Long Island's Commission Rebate Realtor
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0 votes Thank Flag Link Thu May 16, 2013
Do not know about cheaper as each area is different, but certainly a very prudent time to buy with bottom or near prices and historically low interest rates!
0 votes Thank Flag Link Thu May 16, 2013
It depends but mostly it is better to buy because you aren't flushing your money down the toilet when renting. Rates are so low right now it's almost a bad idea if you don't buy.
0 votes Thank Flag Link Thu May 16, 2013
It depends on the market in your area. All Real Estate Is Local! In most cases I think the tide is turning to make owning more affordable, and now the banks are approving more and more sub prime loans again. The issue seems to be down payment, but in my area, by the time a renter pays one month's rent, a month and a half security deposit, and a realtors' fee they have just about enough money for the down payment on a starter home. More renters should look into buying, now's the time!
0 votes Thank Flag Link Thu May 16, 2013
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