Today in Houston what's better buy or rent?

Asked by Don, Houston, TX Mon Oct 11, 2010

especifically in Cinco ranch or woodlands

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Belinda Fern…, , Houston, TX
Mon Oct 11, 2010
There hasn't been a better time to BUY since the 1930s! Interest rates and home prices are at historical lows! I tell my Buyers, if you are able, buy! buy! buy! AND It is more important than ever to have an experienced Realtor guide you in the home buying process and represent YOU in the transaction. Remember, the Listing Agent represents the Seller not you! No matter where you buy, you will need a CMA or Comparable Market Analysis of the property so that you don't over pay. A lot of areas are in declining markets and a Realtor can tell you which ones they are by doing some research. Sellers are realizing that they have to be more realistic to the market and list their property according to that market. The longer the property stays on the market, the more it cuts into their profits. For Buyers, this means that home prices are better than ever! No longer can a Seller overprice their property and wait until they get what they want! For more information or assistance in the home buying process, give me a call!
1 vote
Monir Mamoun, Agent, Denville, NJ
Tue Oct 12, 2010
Hi Don, I wrote a four part blog about this question, whether it is the right time to buy. I think you'll find it a handy guide to the decision making process. Link below. GOOD LUCK TO YOU!!!!!!!!!!
0 votes
Tim Hammond, Agent, Houston, TX
Tue Oct 12, 2010
In the very short term, renting is usually better than buying unless you can pay ALL CASH and avoid financing costs. You must be the one to decide if you are ready to make a long term commitment to a location. If you finance a house and stay in it for less than 3 years you will probably lose money compared to renting a similar property for the same 3 years. This is true even in Cinco Ranch or The Woodlands. If you are ready to think long term then the New York Times has an excellent rent vs buy calculator that will tell you what you can expect. See the link in the "Web Reference." Of course, you will need to know how much you can borrow and at what rate. A thorough pre-approval from a lender you trust will be an important first step in your decision process.
0 votes
Larry Stovall, Agent, Cypress, TX
Mon Oct 11, 2010
If you can get approved for a mortgage you should definately BUY.
Web Reference:  http://www.larrystovall.com
0 votes
Mario Romero, Mortgage Broker Or Lender, Houston, TX
Mon Oct 11, 2010
BUY NOW DON!

Find a Realtor that can help you get pre-approved for the right home mortgage loan; once you know what FULL house monthly payment you are comfortable with, go find your DREAM HOME! There are fantastic values out there. Lower prices and the lowest interest rate in a generation, result in a great Buyers Market you can take full advantage of. Get a Realtor agent today and be in your new home for the Holidays!!

Mario Romero
marior@r3yes.com
832.818.5868
0 votes
Janine Love, Agent, The Woodlands, TX
Mon Oct 11, 2010
Everyone has given great answers, but from the tax benefits, to building equity, and not throwing away money on paying someone else's mortgage, if you are in the position to buy, with the interest rates so low, and it being a buyers market, there are so many wonderful deals out there. The Houston Housing Market, including Cinco Ranch and The Woodlands has not been affected as heavily as the rest of the country. This is because Houstonhad the steep increases in values like CA, FL, NV, etc... If you have a good agent that knows their market well, you can find a great home, at a great price, and should be able to have a secured investment, something that you can live in and enjoy for many, many years to come.
0 votes
Chance Brown, , Houston, TX
Mon Oct 11, 2010
Don, everyone is giving great advice. If you are specifically looking at only Cinco and The Woodlands, I would just add to their comments that you should take appreciation into consideration when making your decision. While the Houston market has held its values rather well, those two submarkets have performed very well and will likely continue to do well. My clients in both areas have done very well from an equity appreciation standpoint. That is just one more thing to consider. If I can help, please let me know.
0 votes
Lilly Hughes, Agent, Humble, TX
Mon Oct 11, 2010
Just as the previous agent said, it depends on your personal situation. If you want home ownership, it's a great time to buy because mortgage interest rates are so low for those with decent to good credit, and it's difficult to imagine those rates getting much lower. It is also a good time to buy because of the number of foreclosures and short sales that are available. These are less abundant in some areas than others. I note your references to Cinco Ranch and The Woodlands.

Buying also beats renting, again depending on your personal situation (finances and income taxes) because of the tax breaks we currently have available.

Generally, speaking I would say that if you have good credit and are paying more than $800/ month in rent, you should definitely investigate buying a home.

Step 1 is to contact a loan officer so that you know very closely where you stand with elibility for a reasonably-priced loan. Not everybody gets the lowest rates. Also if you are a first-time home buyer, you will want to work with a loan officer who works with the first-time home buyer programs. Or find a realtor who does, and they can get you to the right loan officers.
0 votes
Claudia J. P…, Agent, Houston, TX
Mon Oct 11, 2010
It will depend on on your financial situation and like Michael said on the individual person. Buying is always better and with rates at the lowest they have ever been it's great time to buy.

Good Luck!
0 votes
Richard Ray, , Houston, TX
Mon Oct 11, 2010
If you plan to buy in the future, lock in a low interest rate. If your looking at a jumbo loan, borrowing over 430k it may be better to rent until home prices begin to increase again, especially in those areas.
Web Reference:  http://jasonzamora.com
0 votes
Michael Rosa, Agent, Houston, TX
Mon Oct 11, 2010
Depends on your individual position, but generally buying always beats renting. There are many great deals for qualified buyers. Give me a call, and we can talk. NO OBLIGATIONS. 281-795-9695
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more