Dwayne R. Sa…, Real Estate Pro in Downey, CA

With increasing rents, low home prices, low interest rates, & tax advantages of owning, could this be the right time to buy, versus renting?

Asked by Dwayne R. Saunders, Downey, CA Thu Aug 2, 2012

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5
Robert Chomentowski’s answer
It certainly could be. But I think in some of the more expensive parts of Coastal CA (especially the Bay Area) it still makes sense to rent. In inland CA it's a slam dunk yes to buy vs. rent, as your PITI payment can be less than rent.
0 votes Thank Flag Link Fri Aug 3, 2012
It's a good time to consider buying, but in my area the inventory of available homes is lower then normal. A Pre-Approved buyer can expect to spend six months looking.
0 votes Thank Flag Link Fri Nov 2, 2012
Yes,

Rents are on the rise especially with so many people doing short sales and finding themselves back in the rental market. We are seeing an increase rents in many so cal cities.

If you meet the credit and income requirements to get a mortgage loan, it makes no sense to pay today's high rental rates.

Buy Buy Buy!!!

Kawain Payne, Realtor
0 votes Thank Flag Link Thu Nov 1, 2012
Cp, love your answer!!! Given the fact that most mortgage payments are currently less than market rents on comparable properties I can't imagine why anyone who can qualify for financing would continue to sit on the fence. The one caveat to that is for someone who is going to need to move within the next couple years. I don't have a crystal ball; however, I just don't see pricing rising enough to cover the cost of sale within a couple years. Again, JMHO. Best to you!
0 votes Thank Flag Link Fri Aug 3, 2012
You just answered your own question!
0 votes Thank Flag Link Thu Aug 2, 2012
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