Rent vs Buy in Tulsa>Question Details

Romeo69, Home Buyer in 74106

I live in Tulsa, OK and am looking to be a first time home buyer and take advantage of the tax credit. I am between renting and buying. I would rath

Asked by Romeo69, 74106 Sat Feb 13, 2010

I live in Tulsa, OK and am looking to be a first time home buyer and take advantage of the tax credit. I am between renting and buying. I would rather buy but I don't think I'll be in Tulsa more than another 3 or 4 years. My price range for a house is no more than $70k.

I am afraid of buying a house and then 3 to 5 years from now should I want to leave town because of a job opportunity, it would take a long time to sell it.

Would it be wiser to rent or buy? I recently finished paying of massive credit card debt and have an excellent credit rating. Not married and no kids by the way.

I currently live with friends and a very nice house acrosss the street has been for sale for at least 7 months. The occupant wants to leave but can't until she sells the house. I would not like to be in her situation. Thanks for your advice in advance.

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Romeo,
You have recieved some very good advice here about purchasing a home. One more way to look at this is the tax advantage with homeownership. You do not have any tax adavange while you are renting. As some of the other answer have said now is the time to buy with the interest rate at around 5%. These rates will most lilly go up after April and by year end may be about 6 to 6.5%
I do applaud you for paying off your credit cards, there are many homes in your price range to choose from and if I can be of assistance please call me at 636.6876
1 vote Thank Flag Link Tue Feb 16, 2010
Hi Romeo,

Congratulations on paying off your debt! I know that is an awesome task to undertake.

I understand your concerns about renting vs. buying. You have received some great answers already. I would HIGHLY recommend a first time home buyer course since it can give you some insight on things you may not even know as a concern. Some local courses like CAP will even offer $3500 in closing costs assistance based on income.

In almost every case I would recommend ownership over renting. You get to paint, have pride in ownership, help your credit, and best of all aquire equity! That's just to name a few.

I would say now is the BEST time in HISTORY to buy a home. Interest rates are at all time lows, many homes are competively priced and the $8000 home buyer tax credit is a wonderful incentive. The April 30th deadline for the tax credit is quickly approaching and you would want to make sure you have your contract in by that time.

As for the house that has been sitting on the market for the last 7months it could be a number of reasons. It could be overpriced, location, or not marketed well. It could be the seller owes more on the house than its worth or a probate that is complicated. Another potential issue is that it may be in the foreclosure process. Price is often the factor, but there are exceptions. As you probably know, many times people will not give you the full story.

Feel free to give me a call or text at 918.282.9427 or send me an email tbowen@cctulsa.com.

Hope I was able to help
Look forward to hearing from you.
1 vote Thank Flag Link Sun Feb 14, 2010
Romeo,

Good advice from both below. You are wise to look forward at the resale of your first home but should not let that be a paralyzing factor in your decision. Lisa's seminar would no doubt provide some great information. However, as Eric said, you have a lot to consider in a rent vs buy situation. A personal, one-on-one interview would serve to best answer your questions.

I perform rent vs buy scenarios for first time homebuyers at no obligation. You deserve to have all of your financing questions answered to meet your individual circumstances. There are many factors that influence what mortgage options and rate is best for you. Congratulations on paying off debt & rebuilding your credit. It is not easy, but this will pay off for you.

Please contact me if I can be of assistance to you.

Tim Epps
Fairway Independent Mortgage Corp
918-528-4010
tim@myfairway.net
1 vote Thank Flag Link Sun Feb 14, 2010
Hi Romeo--What an appropriate name on Valentines Day! With interest rates at an historical low (under %5) and the first time homebuyers tax credit, it is the time to buy. As per your concerns regarding not being able to sell a home quickly enough when you have a job opportunity elsewhere, as long as the home is priced correctly, is in good condition and is under the $100,000 range, it will sell quickly. There are always young families who will buy their first home and that is the perfect range for them. As far as the home sitting across the street for 7 months--? It could be priced too high for the condition and/or location--I couldn't tell you because that isn't my listing. I will say that EVERYTHING comes down to price. If it isn't selling, it is priced too high. Romeo, I have a First Time HomeBuyer's Seminar I am sponsoring with Keller Williams and Citiscape Mortgage this Tuesday evening and also on the 23rd. This would be an excellent time to get more info about the tax credit and ask more questions. The tax incentive applies only to contracts signed by April 30. Please call me so that I can send you an invitiation to the free seminar. Lisa Manley-Jeffers Keller Williams Realty 289-7738. lmanley-jeffers@kw.com
1 vote Thank Flag Link Sun Feb 14, 2010
It's good to think ahead. There pros & cons to both. I would be glad to sit down with you to answer all of your questions that will assist you in making that decision. Absolutely no obligation or pressure, just some of your time. There is just too much information for both that I just couldn't tell you here.

At your convenience you can call me at 955-1287 or email me at EricWard@PruHomeQuest.Com

I hope to hear from you soon!

Sincerely,
Eric Ward
1 vote Thank Flag Link Sat Feb 13, 2010
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