Tired paying rent every month only to have nothing to show for it, while your landlord takes all your hard earned money to their bank!
Apartment rates keep rising. According to the Phoenix Business Journal (11-11-15) rents in South Scottsdale have increase to an average of $1,119 per month, up 13.5 percent from a year ago, that puts the South Scottsdale area among the most expensive rental sub-markets in the metro along with downtown Phoenix and Tempe, at $1,290 and $1,149 per month, respectively. This is on top of increases last year in Metro Phoenix, in 2014 the average rental increase was 5.6%, which was greater than the rate of inflation (AZ Republic, 2-25-15). In fact the median rental price in 2014 was $1225! That is less than a house payment in many cases!
Bloomberg Business in March 2015 ran the headline “Rising Rents are Finally Forcing Millennial’s to Buy Houses”. The Greater Phoenix apartment vacancy rate keeps decreasing even though thousands of new apartments are being built each year, it has decreased from 13% in 2009 to 6.5% in 2014, and is expected to hit 6%.
Tired seeing your rent increase every year!
While renting is great for some situations (lets say you just moved to a new area and want to live here a while before buying something in the wrong area, or you are going to be changing jobs soon, etc.), it is not great for most of us to see our money going to someone else’s bank account.
Buying a home today is easier than it has been. When you own your own home you can write off the interest you pay on your mortgage, and most of the time see your home appreciate in value while your mortgage payments stay the same (as long as you do not get an ARM type mortgage). Bill’s mortgage payment on their Biltmore area condo is $178 per month! Where can you rent for that (well to be fair, then add HOA of $240/month, for a total of $418/month…you still can’t rent that cheap!).
We realize that due to the severe economic recession that hit our area, some of you lost your homes, or had to file a bankruptcy just to survive! While there are some time limits on how soon after those occurred before you can purchase again, there are also some exceptions!
Why wait until you are priced out of the market? We work with some great lenders, give them a call to see what your house payments would be like so you can compare to your present outlay for rent.
- Joe Edwards at Academy Mortgage in Chandler
- Oliver Whalen Team at Nova Home Loans
- Jeremy Schachter at Pinnacle Capital Mortgage
We are here to help you find your dream home, or at least one that will work for you in today’s market! We will sit down with you and go over the process with you, find you home options that will fit your budget, and continue working with you during the entire process. Find out how easy it is, contact us for a no commitment introductory meeting – click here. We have helped clients buy and sell homes all over the valley!