Wednesday, October 23, 2013

Rent vs. Buy: When to Take the Plunge to Escape the Rising Rents

800 Allen
Seattle Condo Available: $270,000

When is the right time to buy? That is  the question many generation Y Seattleites are asking themselves as the price in rent continues to climb, and mortgage rates begin to slowly climb. Seattle residents in their 20s are currently watching rent increases surge, and are all wondering when interest rates will begin to be too high for them to afford as well. This age group became young adults at the time of the market’s slippery slopes in 2007, and do not want to be stuck in the financial crisis their family and friends may have suffered before. The tug of war between rent vs. buy has been debated time and again, and it seems to have comes to a head in today’s marketplace.
The median Seattle home sale price is up 15% in August from a year ago, and rent is up 6% in comparison to last year; is it time for generation Y to take the purchasing plunge? There are a lot of factors for them to consider, and contacting a local real estate representative is a step in the right direction to determine if it’s time for you.


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