I agree with Ken P. In most cases a home priced under $400K will cost you less to own than to rent.
Finding a rental home that is worth more than that may be difficult since fewer of the higher end houses are investor owned.
Regarding the inventory, a subject Ken brought up: : There are currently 74 single family homes for sale in Rocklin. There are 209 homes in escrow, pending to sell. On average, seventy to eighty homes closed escrow every month this summer. That tells us that we have about one month of inventory. The most desirable listings go pending sale within a day or two, A listing that is two weeks old is long in the tooth.
We couldn't find the right place when we moved (job transfer) rented & was sorry because we found the house we wanted right away & had 2 housing payments for approx 5 mos! Not fun....
I would recommend you get your own buyer's agent who represents your best interests only and is not also representing the sellers. You will find a lot of short sale listings in your price range which means that the offer the seller accepts still needs the approval of the seller's lender(s). Since many homes that come on the market will receive multiple offers, there is also the temptation of overbidding to get an accepted offer. However, that can cause problems because the home may not appraise for the purchase price, but you won't find out until after you have spent $400 for the appraisal. The agent who represents you should prepare a comparative market analysis for you before you write up any offers to let you know what a reasonable price for the property is. Unless you are a cash buyer who is not worried about the appraised value, you really must keep the appraisal value in consideration. You may also encounter homes that are purposely underpriced to create a bidding war. Another reason why you should work with a buyer's agent who will tell you when a home is underpriced.
Properly priced homes in Rocklin sell quickly in your price range. My most recent sale in Rocklin got 5 offers in the first 3 days and 4 of the 5 offers were over asking price. I had a buyer earlier this year who moved to Rocklin specifically for the schools. Whether you are better off renting or buying will depend not only on the financials but also your more long term planning. Unless there is a chance you may have to move soon again, I think buying would be economically more prudent because the total house payment for a $300,000 house will be less than what you'll pay for rent for a similar home.
Since you are not local, your availability to look at homes may be limited and you may want to consider a short term rental situation first so that you are able to look at homes that come on the market right away and you will avoid rushing into something that may not work for you long-term. I have a client who rented an apartement for a few months in Rocklin while she was looking and that approach worked really well for her as she was able to find her dream house. While this approach involves having to move twice, being able to take your time to find the right property may be well worth the trouble.
I hope this helps.
Feel free to contact me with any other questions.
Broker-Owner (DRE # 01326917)
Ferdig Real Estate Solutions
Very common question for certain. Most times it boils right down to the numbers when the question is asked. Rocklin is an amazing area. I live there myself.
When you compare current prices along with interest rates against market rents, you will find that a monthly rent payment will exceed your mortgage payment on a similar home in Rollin just about every time. The catch is that right now lending is very tight and will require patience. In addition, available inventory in Rollin and surrounding areas is very low. So, finding a home will be more challenging than in years past.
If you are looking ofr some help in your search, my team and I would be very happy to assist. You might also want to check out my BLOG. One of my most recent posts discusses the inventory levels in Rocklin.
My email: email@example.com
My phone: 916-751-1800
Good Luck with your search - even if you don't choose me to help :)!
EDCAR Top Achiever Member, SFR
Executive Assoc. Lyon Real Estate
Working with sellers and buyers
3419 Chatham from 1 to 6, is a 3 bedroom 2 bath.
Some other open houses are open on Sunday.
If you wanted to see
some of the other 4 bedroom+ 2 bath+ houses you would need to call me or email to set up showing appointments. I would be glad to do that.
Thanks for clarifying.
Yes, Rocklin does have some of the best schools in the area. As a matter of fact, my wife is a substitute teacher and has taught at many schools in the Rocklin and Roseville schools. She has a lot of positive things to say about Rocklin Unified and Roseville Unified School Districts.
Renting is a viable option. Buying is also a good option now, being that the interest rates are and continue to remain historically low. It all depends on your current financial situation and what your long term goals are.
In real estate, it is all about Location, Location, Location. Rocklin is definitely in a great location. Close to Interstate 80, shopping (Galleria Mall), in addition to great schools, etc, Rocklin proves to be a great place to live.
Let me know if I can answer any further questions.
Ahmad Zeki, J.D.