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Doctors Appreciating the Reasons of Home Ownership
[By staff reporters]
There may be several reasons for a medical professional to buy a home. For example, you’re ready to practice and commit to a certain area and call it home. You’re ready to make a financial investment, or housing prices have dropped to an affordable level and the market is highly favorable for home buyers.
Rule of Thumb
But, how do you tell if it’s a buyer’s market? In a buyer’s market, the price of a home will be under 20 times a year’s worth of rent for an equivalent home. If the price of a home is more than 20 times the annual rent, it’s generally better to rent.
Current Climate
Today’s housing climate is better for home buyers. The average price of homes for sale in the US is currently around 19 times the average annual rent. The general housing climate is much friendlier than a few years ago, but still fluctuates greatly depending on your specific location. Some of the buyer’s markets in 2011 were Charlotte, Inland Empire, Phoenix, Raleigh, Sacramento, San Diego and San Jose.
Source: www.SeaHomes.com
Assessment
The decision to buy or rent also depends on your lifestyle and long-term goals. 2011 saw a resurgence in buyer’s markets across the country and that trend is likely to continue for the foreseeable future. It’s true that housing markets will fluctuate from year-to-year, but owning property usually remains a wise investment over time.
Conclusion
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Filed under: Funding Basics, Mortgage Electronic Registry System | Tagged: home ownership, home sales, home values, Is 2012 a Good Year to Buy a House?, mortgages, reverse mortgages, underwater mortgages | 3 Comments »
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