In the Market: Where renting may be more favorable

Posted By Nneka Madus In Your Home | No Comments

This feature is a real estate news and information roundup from a millennial’s point of view. When a young professional moves from Indianapolis (median home price $125K) to San Francisco (median price $1 million), you can expect an adventure. Nneka Madus, an analyst in Bank of the West’s Mortgage Division, did just that and has plenty to share in her quest to own a home in San Francisco.

Light gray apartment building with white trim and a yellow "Lease" sign out front. [1]Buying a home is a dream for many people. It’s also a big financial decision. There are many factors to take into consideration when buying a home — how long you’ll be staying, how much income you’ll generate, and the cost of any of life’s many expenses. Bob Bryan’s article in Business Insider [2] suggests that in the buy-vs.-rent comparison, sometimes renting makes more financial sense than buying. Bryan looks at several U.S. cities where the numbers may favor renting.

Are all-cash offers on a decline? Maybe not in all markets, but things may be changing. According to Bob Sullivan from FoxBusiness [3], all-cash buyers are less common in the housing market. Cash buyers have made things more difficult for those using traditional financing. Think about it, if you were selling your home and had the choice between an offer with all cash and an offer that required financing, which one would you take? Many sellers have taken the cash rather than take a chance that the potential buyer’s financing won’t come through. Now with fewer cash buyers, the playing field may be leveling out.


Article printed from Bank of the West: https://changematters.bankofthewest.com

URL to article: https://changematters.bankofthewest.com/2015/07/21/in-the-market-where-renting-may-be-more-favorable/

URLs in this post:

[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2015/07/lease_apartments_crop.jpg

[2] Bob Bryan’s article in Business Insider: http://www.businessinsider.com/us-housing-markets-where-you-should-rent-2015-7

[3] Bob Sullivan from FoxBusiness: http://www.foxbusiness.com/personal-finance/2015/07/02/cash-buyers-are-getting-out-housing-market-thats-good-for/

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