If you're renting and have thought of owning a home, now may be a good time. Trulia is reporting that during the month of July, buying was cheaper than renting in 74% of the country's 50 largest cities.
What's tipping the scale to make buying cheaper than renting? It's the combination of declining home prices and historically low interest rates. Today, interest rates for 30-year and 15-year fixed have been hovering near 4%. Also, the increased demand for rental units is pushing rents up, making now a good time to buy. The current environment is making purchasing a home enticing for those who are planning to stay in a location for several years and have money for a downpayment.
If you're renting now and wondering is this the right time, it depends on your particular circumstances. Timing the real estate market isn't a perfect science. However, the indicators are strong that if you can afford to buy, today's market certainly offers many good opportunities.
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