As I alluded to in my last post, many people express surprise when they hear that we currently rent our house and are planning on renting again. Those that don't outright ask "why?" are sometimes secretly wondering and, I think maybe, just maybe they think it means we must not be very good Realtors if we "can't afford to buy". The truth is we could definately buy something right now, but there are many other things to consider other than just whether we can afford it right now. So here is some info on why renting is sometimes the best choice - maybe it will help you or someone you know in trying to decide whether to rent or buy sometime soon.
Why renting is better for us:
1.) First and foremost, with our constant involvement in real estate and tracking the market locally and nationally it is our opinion that next summer/fall would be a better time for us to buy - more house for even lower prices! Since we can wait, we will. We anticipate home prices will fall at least another 10%, but we don't have a crystal ball so we could be wrong! Some people HAVE to buy now and now is still an excellent time to buy, but next year looks to be even better. Since we don't have a house to sell, we don't have to worry about the value of our house plummeting even more in the next year.
2.) Matt's job - the
UMC has an itinerant system, meaning they can move their pastors whenever they want to, usually in the late spring. We don't think Matt will be moved next year, but we don't know for sure.
3.) Buying can be a great investment, but you should usually plan on either living there for 5-7 years minimum or be able to and interested in renting it out if the market won't support selling the home at that time. Markets such as the one we saw from about 2002-2005 when you could buy a place and
sell it the next week for thousands more are extremely rare. The 5-7 year timeline is a better guideline, though also not foolproof.
4.) When you buy a house you are responsible for sometimes costly upkeep such as replacing the AC system, roof and appliances. Personally, it's been a load off my mind to not have to worry about that in the last year and a half having a new baby and going to one income.
5.) Between us, Matt and I have owned 6 homes (8 residences if you include the duplexes) and been landlords for 4 of them. It has been a great experience for us and we lucked out with our timing, thankfully, but we are comfortable kicking back and being tenants for at least one more year.
So that's pretty much it for why we are choosing to rent for another year. I hope this provides some insight to any of you who are making the choice to move any time soon. Feel free to e-mail me for more specifics if you have any questions!
** Shameful Plug Alert!!
(Hey, my baby has to eat - okay?!!!!) **By the way, I do still have my real estate license and I still work part-time with my dad. If you need any real estate help, let us know. I've been doing real estate since 2001 and my dad has been in real estate since he retired from the Air Force 20 years ago. I can't believe it's been that long. We've seen all kinds of markets, so don't worry - things WILL get better with the current housing market. At this point, I mostly give referrals to my dad and I help with the clerical things, but I still show the ocassional house and write the ocassional offer or rental application. I'm willing to be more invloved for friends, so keep us in mind!!