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Should You Rent or Buy a Home this Summer?

by Lisa Bray

Should You Rent or Buy a Home this Summer?

It’s the eternal question; an on-going internal battle that’s progressed for years. Rent or buy? There are many factors to consider when it comes to renting or buying an Arizona home. And though renting is typically viewed as having fewer risks, home ownership has potential for greater gains if you purchase smartly. So it’s time to start planning. Should you rent or buy a home this summer? Here are some advantages of both to consider before making a move.

Advantages of Buying a Home

  • Home ownership provides tax benefits that renting does not such as declaring interest costs against taxes and equity building.
  • With FHA, VA and USDA loans and down-payment assistance programs, it can be cheaper to buy a home than it is to rent one.
  • You can decorate or make alterations to your home as you please.

Advantages of Renting a Home

  • Renting allows you the opportunity to avoid home ownership costs, seen and unforeseen, maintain liquidity and build credit.
  • Renting allows you mobility in lieu of being tied to a mortgage.
  • Maintenance of major systems such as plumbing, electric, heating and air-conditioning is taken care of by the landlord versus the renter.

When you rent a home you don’t have the tax benefits or write offs home ownership affords you and you are limited when it comes to making design upgrades to your home. However renting does allow you more mobility should you need to move. It’s important to make a well informed decision before making a commitment to a mortgage. If you’ve determined buying is right for you and you’re looking are looking to buy a home in the West Valley, please contact Lisa Bray today for a professional yet personal experience you can trust.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
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“Delivering More than Just a Home”

First Half of 2017 Ends with Record Sales and Prices

by Lisa Bray

First Half of 2017 Ends with Record Sales and Prices

The first half of 2017 ends with record sales and prices according to the July 2017 RE/MAX National Housing Report. The U.S. housing market is on pace for another record year as four of the last six months have topped same month sales from 2016. June home sales were 1.4 percent higher than June 2016, which was previously the month with the most home sales in the nine-year history of the report.

The combination of increased sales and a record low inventory that slipped further to 2.8 months resulted in higher sales prices. June’s median sales price of $245,000, up 7.5 percent over last June, also set a RE/MAX National Housing report record. In fact, prices increased in fifty of the report’s fifty-three markets. The average number of Days on Market dropped to a report-record low of 47, while inventory dropped year-over-year in 87 percent of the markets.

“Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high,” said Adam Contos, RE/MAX Co-CEO. “But buyers shouldn’t be discouraged. Mortgage rates are still relatively low and the market may be taking a positive turn, albeit subtle, as recent Labor Department data showed a decline in open construction jobs which could mean more workers focused on new home builds.”

In June 2017, the median of all 53 metro Median Sales Prices was $245,000, up 5.6 percent from May 2017 and up 7.5 percent from June 2016. In June 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. Please click here to download a copy of the July 2017 RE/MAX National Housing Report.

If you would like to sell your Phoenix home or find the perfect home for sale in the West Valley, please contact Lisa Bray. I will be happy to provide a free market analysis of your home, and I am deeply committed to helping you reach your real estate goals on step at a time!

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
Join me on Facebook!

Search the MLS Now!

“Delivering More than Just a Home”

Displaying blog entries 1-2 of 2