This question concerns the Phoenix-area, but feel free to answer it for your own local market — just tell us where you are.<\/p>\n
Which would be more attractive? The 8 month market or the 14 month?<\/p>\n
I’m literally on the CUSP of being able to buy and with kids already transferring schools, the sooner the better in order to get some stability. <\/p>\n
I’ve seen new home builders drop their prices pretty heavily or offer deep incentives. One of them has a home for around the 300k mark in Gilbert that’d be PERFECT. While I could make the payment now, I have been married to a house and that’s the worst type of one-way relationship. I don’t plan on doing it again anytime soon. Additionally, they just reduced prices 50k and are ALSO offering 20k in upgrades or a FREE Car\/Truck (a Ford financed for 30 years is anything but free).<\/p>\n
So with having settled on the fact renting the larger home I need and finishing another 6 month lease around 3\/1\/08 would put me at a greater financial advantage to tackle the home I have my eyes on, I question whether it’d be worth the higher payments for a shorter lease (as it’s on a home not an apartment), or if the market will be depressed enough to go the long haul at 12 months and spend more time preparing and saving.<\/p>\n
I figured I’d shake my magic 8-blog (see what I did there? It’s a clever Monday!) and ask away. If you were advising a client on the buying side of life on how long to hold out if holding out was all they could do – Would you suggest holding on 8 months or 14? <\/p>\n
Part of me says throwing money away on renting an additional 6 months is wasteful, the other part says that it’d allow me to save up for the stuff I’ll need to make the house a home. At a savings of around 500-600\/month, that adds up to a few extra grand after 6 months.<\/p>\n
The mention of a 40 year loan<\/a> got me thinking more about affordability and financing. Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
This question concerns the Phoenix-area, but feel free to answer it for your own local market — just tell us where you are. Which would be more attractive? The 8 month market or the 14 month? I’m literally on the CUSP of being able to buy and with kids already transferring schools, the sooner the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,6,5],"tags":[],"class_list":{"0":"post-1428","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-ask-the-broker","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":725,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/725\/ask-the-broker-are-new-build-prices-negotiable\/","url_meta":{"origin":1428,"position":0},"title":"Ask the Broker: Are new build prices negotiable?","author":"Greg Swann","date":"December 1, 2006","format":false,"excerpt":"When purchasing a home or condo in a new development are the prices quoted firm or can the buyer negotiate the selling price with the broker? Are the costs of \"upgrade options\" negotiable.The definitive answer: Maybe. New home sales is a retail business. The builder has to move current inventory\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":738,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/738\/ask-the-broker-should-i-wait-until-january-to-sell\/","url_meta":{"origin":1428,"position":1},"title":"Ask the Broker: Should I Wait Until January to Sell?","author":"Kris Berg","date":"December 6, 2006","format":false,"excerpt":"I'm wondering if (my) house should be listed now or should we wait until the middle of January? I've heard that it's better to wait until after the holidays. We are often asked this question this time of year. The prevailing sentiment among sellers is that Spring is always the\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1518,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1518\/consumer-is-the-loser-with-real-estate-licensing-broker-argues\/","url_meta":{"origin":1428,"position":2},"title":"Consumer is the loser with real estate licensing, broker argues","author":"Greg Swann","date":"June 8, 2007","format":false,"excerpt":"This is me in today's Arizona Republic (permanent link): \u00a0Consumer is the loser with real estate licensing, broker argues We've been talking about real estate licensing laws, admittedly an exercise in futility. Whatever arguments I might make for repeal, it remains that the Arizona Department of Real Estate is not\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":934,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/934\/ask-the-broker-is-there-any-diversifying-alternative-to-real-estate-investing\/","url_meta":{"origin":1428,"position":3},"title":"Ask The Broker: Is There Any Diversifying Alternative To Real Estate Investing?","author":"Jeff Brown","date":"January 23, 2007","format":false,"excerpt":"Nick writes:Hi. I often scan your site and you seem to have collected a group of savvy and knowledgeable contributors. Here's my question for you and them: What is the opposite of real estate? I know diversification is a smart strategy and many investors limit their risk by investing in\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1011,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1011\/ask-the-broker-what-do-we-do-if-we-cant-find-the-listing-agent\/","url_meta":{"origin":1428,"position":4},"title":"Ask The Broker – What Do We Do If We Can’t Find The Listing Agent?","author":"Doug Quance","date":"February 7, 2007","format":false,"excerpt":"We (my fiance and I) put in an offer on a condo priced way below market, and the seller would like to take us up on the offer. However his agent is absent, disappeared w\/o a trace. The seller is bound by contract to his listing agent. Since our agent\u2026","rel":"","context":"In "Ask the Broker"","block_context":{"text":"Ask the Broker","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/ask-the-broker\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1242,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1242\/ask-the-broker-says-ask-the-audience-is-now-the-time-to-jump-into-the-housing-market\/","url_meta":{"origin":1428,"position":5},"title":"Ask the Broker says: Ask the audience: Is now the time to jump into the housing market?","author":"Greg Swann","date":"March 31, 2007","format":false,"excerpt":"This came in as an \"Ask the Broker\" question, but it's really a wide open pitch for any informed observer. (That would be you.)So should second-home buyers buy now, or wait? Will lending rates go lower soon? 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