Rent vs Buy in Phoenix>Question Details

Gorenter, Real Estate Pro in 85012

Rent Vs. Buying. Right now with rental rates so low and the Arizona real estate market so turbulent, is it better to rent or to buy?

Asked by Gorenter, 85012 Sat Sep 5, 2009

With the Arizona real estate market so turbulent, GoRenter.com (Arizona property management company) wants opinions of other professionals to see if it is better to rent or to buy right now.

Help the community by answering this question:

Answers

14
Kayne Thrift’s answer
Trulia recently came out with a report finding that it is more affordable to buy than to rent a two-bedroom home in 72 percent of America's largest cities. The report lists the top 10 cities to buy instead of rent with Mesa ranking number four and Phoenix number five. Further, a recent government report cited the fact the average net worth of renters was $4,000 compared to $184,400 for home owners. If you look at Redfin and Corelogic's most recent reports it is very likely the Phoenix metro area is at or very near the bottom of the market relative to price. Combine all these factors with extremely low interest rates and buying a home is definitely worthy of consideration. The issue I'm seeing is many people have been hurt financially as a result of the poor economy and do not feel they have the credit scores to qualify for a home loan. Fixing your credit score seems like a daunting task, but there are people who can help. I've seen 50 to 100 point jumps in FICO scores in 60 to 120 days enabling borrowers with mid-500 scores to buy a home and begin to financially recover.
0 votes Thank Flag Link Thu Sep 15, 2011
It depends on short / long term goals of family . Fact they receive annual tax benefits recommend for anyone speak direct with CPA

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Jul 23, 2011
What is the time horizon? Transaction costs for buying, selling and financing may make ownership a more expensive choice over the short and medium term.
0 votes Thank Flag Link Sat Jul 23, 2011
As a conservative mortgage broker, the answer is: “It is better to buy, if you can afford it”. Especially with inflation is in the horizon; the property value deems to up, just a matter of when not if. Combine with low interest rate at this time, right now is the best time to buy.
0 votes Thank Flag Link Tue Apr 19, 2011
Youre asking real estate agents if you should buy or rent? The answer will always be to BUY! JK...sort of.

It all depends on your particular situation and goals....there are advantages to both, only you can figure that out for yourself.
0 votes Thank Flag Link Tue Dec 14, 2010
i buy rent to buy wath i need
0 votes Thank Flag Link Tue Dec 14, 2010
It truly depends on the individual's needs. Rates are ridiculously LOW. I lean towards buying over renting.

Natasha Tomlinson
Citywide Real Estate
Direct: (480) 203-4364
NatashaTRealtor@gmail.com
0 votes Thank Flag Link Tue Dec 14, 2010
Lots of reasons to buy now even though it is said prices will drop again. Buying right now may get lower interest rates, low price, tax credit, what's left of the USDA funds or FHA the way we know it till next month when all of this can and will most likely change.

Again, always based on a case by case basis and what someone can afford to do.
0 votes Thank Flag Link Sat Mar 20, 2010
Shameless backlink building........i love it!

http://www.ISellShort.com
http http://:www.PhoenixBankOwned.com
0 votes Thank Flag Link Sat Mar 20, 2010
First run the numbers. You may find one way is a lot better than the other is financially.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…

Below is a hosue price prediction site. See how your area is expected to see real estate prices go.
http://www.housingpredictor.com/better.html
0 votes Thank Flag Link Sat Mar 13, 2010
There really is no single answer to this question, it totally depends on each individuals circumstances.
0 votes Thank Flag Link Sat Mar 13, 2010
Why rent you make the land lord rich I own investment properties.

Renters need clear credit issues purchase receive annual tax benefits

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Sep 5, 2009
There's no "right" answer to the question. It depends on the individual buyer/renter.
0 votes Thank Flag Link Sat Sep 5, 2009
There are many opportunities in the buyers market that allow buyers to purchase property for less than it would cost them to rent.........for those scenarios......why consider renting?
0 votes Thank Flag Link Sat Sep 5, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer