Should I Buy or Rent a Home in the Tri-Cities?

Posted on Apr 27, 2010 by Cari McGee in Buyers, Tri-Cities Market

Is now the time to buy a house in Tri-Cities? Or is it the time to rent? These aren’t the best questions to ask right now, because rentals are as scarce as a hen’s teeth around here. But let me share something about buying vs. renting, anyway.

This article in the New York Times discusses how it truly is a great time to buy a house in many areas of the country…especially areas where it was a horrible idea to buy just a few years ago. They also include a calculator that helps you find out what is best to do in your area.

So, what’s best for Tri-Cities real estate shoppers? It’s a fantastic idea to buy here because our rents are increasing due to the high occupancy rate — we’re at 98%. (I don’t know how much rents are increasing, I just know they are.)

To help you fill in the blanks in that calculator, here’s some Tri-Cities data you need to know -

• 30-year mortgage rates are hovering at 5% (which would be your interest rate if you’re the perfect borrower, so make it closer to 6% if you know you’re not).
• Tri-City home prices go up between 1-3% a year, so play it safe and place the bar at 2% on that question.

Have fun playing with the numbers, and call me if it’s time for you to buy here. As of this morning, there are 1064 houses available for sale in the Tri-Cities area. Surely we can find one for you.