Rent Or Buy?

Did you know home values in The Dale went up 5.6 percent in the past year and they’re expected to go up another 1.7 percent before the year is up? Good news for sellers. And isn’t it about time? Inventory is small in areas, so homes are selling quickly.

We talked with our fave realtor girl, Ms. Deana. She advises having all your ducks in a row if you don’t want a house sold out from under you. And that happens. Especially given our market.

The median home price in Scottsdale is $439,800. Median price of homes on the market right now is $615,000. The median of those recently sold is $414,700. In the Pinnacle Peak area, price is $776,800; in North Scottsdale $509,100 and in the South the price is $284,800.

So, is now the time to buy a house? As always, Deana says ask yourself the hard questions.

Can you afford the down payment?

Can you withstand a little fluctuation? Even though your mortgage is fixed, taxes and insurance can move. You need to be prepared to move along with potential changes.

Can you set aside money for maintenance and repair? The general rule of thumb is one percent of the price of the house purchase price, annually.

And, of course, how long will you stay?

Market Watch reports interest rates are expected to go up in 2018, making mortgages less affordable for many. They further suggest that, in some cities, especially those with higher home values, you may actually get more bang for your buck by renting. Currently, according to those in the know, 64 percent of Americans live in a city where renting is less expensive than buying.

Isn’t that new thinking? When you toss in closing, down payment and hidden costs, the chunk to buy a house is a lot more than qualifying for the mortgage in some cases.

Deana says, again, it’s all in the questions only you can answer. The rental median in Scottsdale is $2200. That’s higher than Phoenix which, by the way, is getting trendy again, at $1395.

Rent or buy, rent or buy? Is your head spinning? Let Deana figure it out with you. Think you don’t need help finding a rental property? Think again. You want the same protections on your side as when you’re buying. A sit down with Duchess Dolls realtor Deana will help. She’s got the scoop.

You can call her at 602-295-3151 or shoot her an email daller@earthlink.net

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