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":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[12,6,5],"tags":[],"class_list":["post-1428","post","type-post","status-publish","format-standard","hentry","category-ask-the-broker","category-marketing","category-real-estate","no-featured-image"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"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":0},"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":725,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/725\/ask-the-broker-are-new-build-prices-negotiable\/","url_meta":{"origin":1428,"position":1},"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":2},"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":3},"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":1204,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1204\/ask-the-broker-how-does-a-lender-ae-get-business-from-a-mortgage-broker\/","url_meta":{"origin":1428,"position":4},"title":"ASK THE BROKER: How does a Lender AE get business from a Mortgage Broker?","author":"Brian Brady","date":"March 24, 2007","format":false,"excerpt":"We received an inquiry today : I am a Wholesale Lending Account Executive and work for a bank. After the subprime market plummeted, it has been hard for me to get loans from mortgage brokers. What do you think is the best route to re-pump loans back in the pipeline,\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1537,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1537\/ask-the-broker-whats-up-with-my-apr-and-why-is-it-so-different-from-my-interest-rate\/","url_meta":{"origin":1428,"position":5},"title":"Ask the Broker: What’s up with my APR, and why is it so different from my interest rate?!?","author":"Morgan Brown","date":"June 13, 2007","format":false,"excerpt":"Hot out of the broker oven mailbox today is this question: I am in the process of refinancing. Can you please tell me what the APR should be for a $295,800 loan? The broker is charging 2% origination fee and 1.5 loan discount. The interest rate at 6.64. I'm not\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":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1428"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1428\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}