Why don't some renters buy?

Asked by Cathy Bureau, San Antonio, TX Fri Dec 16, 2011

Yahoo Real Estate published a report listing the top reasons why some choose renting over buying. I'm curious to see if the answers I get here come anywhere close to their results. So, what is your main concern?
Example: price, stability, qualifying, maintenance, neighborhood stability, property taxes, etc.

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Sarah Goulart…, Agent, Plymouth, MA
Sat Dec 17, 2011
Some reasons would be:
1. Ability to get financing, save for downpayment and closing costs, etc.
2. Worry about the job market and future layoffs, etc.
3. Pricing - many buyers are STILL waiting for the 'bottom' and see every home as overpriced. Working with a good buyers agent is very important in today's market. He/she can help you determine if a home is priced correctly.
0 votes
Tom, Home Buyer, Massachusetts
Fri Dec 16, 2011
I can answer why I've rented for so long. I have 20% down payment and I have no problem getting financed. I am paying $2500 a month in rent and undoubtedly, it would be much cheaper to buy even with property tax, heat etc, but I've been looking for seven months and it's been HELL. I can honestly say it's been the worst 8 months of my life and I feel like I just want to continue to rent. The whole system seems corrupt to me (no offense). If my experience were unique, I would say "well, I've just been unlucky" but honestly, when I complain to family and friends they all say the same thing "that's just how it is - it's hell." Everything seems really overpriced, and while it all comes down $10,000 every couple of months, it's just tiresome. It's not just the financing - you need a lot of patience to deal with all the BS!
0 votes
Richard Byrd, Agent, Stapleton, AL
Fri Dec 16, 2011
In my experience it has a lot to do with the ability to get financed or if their employment is temporary in the area.
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