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Long Beach Housing Market

Rent or Buy in Long Beach today?
January 11th, 2011 3:09 PM
I get asked this question constantly, especially by first time home buyers.  It's interesting because with the lower interest rates and lower home prices these days, it's more attractive to buy than to continue to rent.  There are lots of interesting statistics today on this issue.  According to Fannie Mae's National Housing Survey 65% of Americans prefer owning to renting.  Deciding whether to rent or buy depends on asking yourself some important questions - Is the time right? Is the house right? Am I sure I can afford a house?  Sometimes answering these questions isn't enough.  Getting a loan is more difficult today than ever and protecting your FICO score is critical to being able to get a loan, especially at a really afford price point. Total housing costs for Renters versus owners shows that home buyers usually save about $100 a month over renters.  I have an interesting chart created by the California Association of Relators that takes into account, property tax, tax deductions, household income, etc.  Bottom line is that with tax credits, interest deductions and property deductions, for a family with a combined household income of $66,450, Buyers will pay about $580 a year less in tax liability.  If you want to see all the details on this chart, call me and I'll get you a copy.  Is a house right for you - only you can answer that question.  No matter how you look at it, buying a house is a big deal!  A house represents you settling down, changing your lifestyle, creating a future that includes an investment.  But if you still can't decide, there are lots of tools to help you.  There are online rent vs. buy financial planners.  And of course talking to a Realtor can definitely help you answer some of these questions - if I can help you understand the market in Long Beach, don't hesitate to contact me I'd love to talk to you about this.

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Posted by Heather Burke & Sarah Ireland on January 11th, 2011 3:09 PMPost a Comment

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