To Rent or Not to Rent?
Headlines about Colorado’s fast-paced housing market and “record low inventory” may be scaring off many first-time home buyers. Colorado home buyers may have the impression that it’s next to impossible to find their dream home. “It’s scary out there,” said first-time home buyer, Emily. “We’re ready to make the switch from renter to owner, but this market is nuts.” The latest housing market statistics, REcolorado Market Watch, leave many wondering…
Is it better to rent or to buy?
The answer to the Rent v. Buy debate often comes down to personal factors. How often you move, your financial situation, convenience, and the housing market are all factors affecting whether it makes more sense to rent or buy a house.
“Now that we’re more settled, we want to establish a home base,” said Emily. “We had some money saved but weren’t sure what kind of house we could afford. We thought it might make more sense to wait a year, save up a little more, and hope the market cools off a bit.”
For many home buyers like Emily, the housing market is intimidating. With lots of demand and competition for homes for sale, houses don’t stay on the market for long. This can be a major obstacle to buying a home.
With the help of an experienced REALTOR®, first time home buyers can navigate the market. Local brokers have insight and knowledge into Colorado’s housing market. With the tools available through REcolorado, the largest multiple listing service (MLS) in the state, real estate agents and home buyers also have access to the most up-to-date information about the housing market and homes for sale in Colorado.
“We met our REALTOR at an open house,” shared Emily. “We started talking about the market and our situation. She connected us to a lender to learn more and helped us look at the equation. Ultimately, we decided to start seriously looking for a home to buy.”
Your broker can help you understand the benefits of buying a house and of renting a home. Work with a REALTOR to determine the right choice for you.