Buy a Home to Avoid the Skyrocketing Costs of Renting

The cost of renting is increasing and one of the best ways to avoid this cost and make a better financial investment is to become a homeowner. Current trends in the Wellesley real estate market are positive for both buyers and sellers and things are moving fast.

Now is the ideal time to buy a home and by taking advantage of these market trends, you can quickly settle into your dream home and avoid the rising costs of rent.

Rental Prices are Rising

This chart shows the median rental price landlords have asked for from 1988 to 2013. The prices have increased steadily over time, but of particular interest is the cost over the past few years. 

Renting prices hit a peak around 2008 and 2009 and then they declined for the next few years. Then again in 2012 and 2013 they rose and median rental prices are just over $700 on a national level. (Wellesley average rentals have increased from $2,500 in 2000 to $3,778 in 2013.) In 2000 we had 18 rentals and last year (2013) there were 102 rentals in MLS.

Since the cost of renting is increasing, buying a home is becoming a more affordable option. If you are relocating for work or want to move into a larger home or downsize, becoming a homeowner is a great option that comes with financial benefits as you gain a valuable asset.

As a homeowner, your monthly payments are helping you build your net worth and when the time comes you can sell your property for more than you purchased it for, making a profit.

Why you need an Agent

However, if you want to find the perfect home in this fast-paced market, it is vital that you work with a real estate agent. As you start looking for a Wellesley home for sale, an experienced agent will be an excellent resource you can rely on to help you navigate the world of real estate.

Currently, sellers are getting a lot of interest in their properties and many are getting multiple offers for their homes. In these cases, sellers tend to choose buyers who have submitted a professionally written offer and who are represented by an agent.

As you start looking for the perfect home, your agent will make sure you see all the options that are relevant to your needs and then help you prepare an offer that will capture the sellers’ interest and be more likely to be accepted. Your agent will also be able to help you through the closing process so you can get into your new home quickly.

Save money and get into your dream home by choosing to buy instead of rent. Doing this is also a great way to prepare financially for your future and obtain a valuable asset. To do this, you’ll need to work with an experienced agent who will represent you in this fast moving market and help you through the buying process.