Sep 01 2009
Buying vs. Renting: Are We There Yet?
While TIME Magazine’s latest issue puts Seattle in the better-to-rent-than-buy-now category, it may be wise to question that thinking before putting down that first, last and security deposit. True, pricing still seems to be on the downward trend, especially in the condo world. In fact, July was the second month in a row to see prices continuing to dip––3.6 percent from June and a whopping 10 percent from July 2008. And, the condo inventory has gone up slightly.
What this means, if you can boldly look past the numbers, is that buyers actually may have the advantage. Even though prices may still have a short-term slide, today’s condo prices reflect those of three to four years ago, just before the bubble got out of hand. Add those numbers to the incredible variety of choice available in the market––think views, decks, downtown living, and neighborhoods you might not have dreamed you could afford––and buying vs. renting just might be starting to feel smarter. To top it off, don’t forget there’s the $8,000 first-time homebuyer credit offered until November 1. In the case of Seattle’s amenity-rich condos, we’re not exactly talking cash for clunkers.
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