Buying A Home In Seattle 34% Cheaper Than Renting

Wash Park Homed

High rent and high home prices in Seattle can often make it feel like the decision between buying and renting isn’t so cut and dry – either way you’re paying a premium for housing. But a new report from Trulia makes a strong case for home ownership, reporting that it is 34% cheaper to own a home than to rent in Seattle at today’s 4.5% mortgage rate. According to the report, mortgage rates would have to hit 9.3% before renting would be cheaper than buying in Seattle.

Nationally, home ownership is 38% cheaper than renting in all of the 100 largest metro areas, but in some extreme markets small changes in mortgage rates could tip the scales in favor of renting. For example, in Honolulu, a mortgage rate of 5% would make renting a better value, and a rate of 5.8% would make renting cheaper than owning in San Francisco.

Try Trulia’s Rent vs. Buy calculator to see how the numbers work out for you. If you’re interested in buying a home in the Seattle area, contact your local real estate agent.

 

 

 

 

Top Homeowner Regrets to Avoid

We’re already in the thick of Spring house hunting season, and as many have come to find out, this year’s search is especially narrowed, as inventory is at a 12 year low. Many buyers will have to move fast on a home, but when it comes to searching and purchasing a home, moving too quickly without weighing out the positive and negatives might come with regrets. This spring, Trulia surveyed 2,130 adults about their biggest housing regrets, and they found some interesting results. Here are 18 of the top homeowner regrets:

Pictured home is for Sale and Lease

Pictured home is for Sale and Lease

1) 17% of homeowners wished they had chosen a larger home

2) 14% wished they had done more remodeling when they bought the home

3) 11% wish they had more information about the home before they decided to purchase

4) 9% wished they had put more money down for the down payment

5) 8% wished they had been more financially secure before they decided

6) 8% wished they had chosen a neighborhood with a shorter commute to work

7) 7% wished they had more information about the neighborhood before they decided

8) 7% wished they had worked with a different real estate agent

9) 7% wished they had shopped around more for a better mortgage

10) 6% wished they had borrowed less against their home

11) 6% wished they had understood the cost of home ownership before taking the plunge

12) 6% wished they had chosen a smaller home

13) 5% wished they had chosen a neighborhood with less crime

14) 4% wished they had chosen a neighborhood with better schools

15) 3% wished they had rented instead of bought

16) 2% wished they had done less remodeling when they bought than they did

17) 2% wished they had put less money down for the down payment

18) 1% wished they had borrowed more against their home

Trulia also surveyed renters, who had similar regrets as the homeowners; many wished they had rented larger homes, with a shorter community to work, or lived in a neighborhood with less crime and better schools. The top regret though was wishing they had chosen to buy instead of rent, which 23% of renters expressed. If you’d like more information on selling or purchasing a home, contact your local real estate agent today.