Buying a home in the next 12 months seems to be a highly speculative move especially in California even with lower home prices. It is amazing (although not surprising) that none of the potential options for a housing recovery include renting … The median home price in California was $264,000 in December of 2009 and in September of 2010 it was $265,000. Prices have moved sideways for the year and are likely to move lower in 2011. I would argue that a large reason for the movement was the homebuyer tax credit but also the numerous fence sitters that thought 2010 was the year to buy. Yet as the median price demonstrates, there is little reason to buy because you think you will be priced out. In fact, if you have the itch to buy right now I would say lock yourself into a 12 month lease to protect yourself from impulsive moves like the large herd that went to condo bidding wars. There is no rental lobby, but there are many reasons why renting in California for the next 12 months makes absolute economic sense.
Five reasons to rent in California for the next 12 months
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products