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With Home Prices Dropping, In Many Parts of Northeast OH It Is Cheaper to Own Than Rent

Northeast OH – The good news about the housing bust is that home prices are now more affordable. It is now cheaper to buy versus renting in many areas.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“At the peak of the real estate bubble, cities like Miami, Phoenix and Las Vegas were not affordable for many. Now the opposite is true,” said Pete Flint, co-founder and CEO of Trulia.com.

“Home sellers in these hard hit areas are forced to lower their prices to compete with all the foreclosures on the market. As a result , these unattainable markets are so affordable it makes better financial sense to buy than rent.”

Here is how to calculate whether it will be cheaper for you to buy versus rent.

First, add up what you are paying for rent now. Add together your rent payment and what you pay for renter’s insurance. That is the monthly cost of renting.

Now, let’s add up the cost of home ownership. First, you have the monthly mortgage payment. Add in Home Insurance, Property Taxes, and any Homeowner’s Association Fees.

Now, subtract out the tax savings. To calculate that, take what you will be paying monthly for interest and property taxes. Multiply that by your combined state and federal tax rate.

That is your projected tax savings. Now you have the cost of homeownership and renting side by side to compare. This is good news if you are a home owner. Why? It means that we are closer to a real estate recovery.

Are you or someone you know looking to purchase a home? I will work to help you get the best deal. Send me an e-mail for a list of the 10 best deals in today’s market.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500. iandymorris@gmail.com.

View My homes for sale at www.rtserve.com.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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