Renting vs. Buying in a hot Housing Market (video)

Renting vs. buying in a hot housing market (video)

D. Patrick Lewis of the Arizona REALTORS® says buying now can “freeze time” and lock in your rates, even if home values rise.

Kim Tobin: When the housing market crash happened, (Phoenix) was one of the hardest hit areas here in Arizona. 2017 (is) expected to be much different.

Dan Spindle: In fact, Arizona is expected to be one of the best areas in the country for this new year, but is that good or bad for homebuyers? Is it cheaper just to rent?

Real estate expert Patrick Lewis doesn’t think so. Right now, renting is actually expensive. Some one-bedroom apartments are $900 a month. Instead of paying a rental company, Lewis says use that toward a mortgage payment which helps build that equity. He also adds, buying now let’s you “freeze time.” Even if the value of your home goes up, your mortgage won’t.

Patrick Lewis: If you wait, you risk those prices continuing to go up. That’s where getting the mortgage and doing it now, you literally freeze time. You pay that for the next 30 years.

Dan Spindle: Lewis says buyers don’t always have to put down 20-percent to qualify for a loan. His number one tip, find a trusted REALTOR® to guide you through that whole process.

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