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Thanks for the advice everyone! I guess I'm just not willing to move again in a year or so especially when my gut tells me this is the area I like and I should buy. I'm not planning to sell for at least 4 years or so and feel that it would be a good market to rent in (given the high prices I've seen) if I do end up moving and not living there the entire time. We'll see what happens....
Thanks for the advice everyone! I guess I'm just not willing to move again in a year or so especially when my gut tells me this is the area I like and I should buy. I'm not planning to sell for at least 4 years or so and feel that it would be a good market to rent in (given the high prices I've seen) if I do end up moving and not living there the entire time. We'll see what happens....
Everyone's situation is different and only you know what is best for you. Most of my clients that have owned a home and move here don't want to rent either. Some MUST rent until they find a house BUT will rent for a short term...3 months or so.
I don't know why anyone thinks it takes a whole year to learn about the area!
Those that rent for longer than 3 months usually start trying to get out of their lease within 2 months!
Personally, I'd buy in the down market and try to play it to my advantage. Because, rest assured, places like 5 points will recover earlier and appreciate faster as the market recovers.
Everyone's situation is different and only you know what is best for you. Most of my clients that have owned a home and move here don't want to rent either. Some MUST rent until they find a house BUT will rent for a short term...3 months or so.
I don't know why anyone thinks it takes a whole year to learn about the area!
Those that rent for longer than 3 months usually start trying to get out of their lease within 2 months!
Whatever you decide to do, good luck!
Vicki
I think the whole one-year idea comes from the time it takes to go through the house hunting ordeal. If you're trying to get into a really desirable neighborhood, you may have to house hunt for 6 months until you finally get something. As you know, a lot of houses will only stay on the market for a day or two, even in this economy. After that, you then have 1 or 2 months to wrap up closing, depending on what the seller wants.
I agree, you can get a good idea of where you want to live after 2 or 3 months in a city. After that, you still have to find the house you want to buy :x
you can get a shorter term rental than a year, though not usually ITB (maybe a random 6 month). Check out Oberlin Court - at Oberlin and Wade - which will allow you to be between Five points and Cameron Village.
Cameron Village condos - the 2BR's - are running $170K.
It doesn't take a year at all these days to find a home, just the willingness to hook up with a qualified Realtor and the willingness to look at the homes that Realtor recommends online first to eliminate them down to a handful.
Nobody knows where mortgage rates are DEFINITELY going, but they are so historically low, and currently low, that logically the chances of them increasing is greatest.
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