RENTING VS BUYING IN THE HOT HOUSTON REAL ESTATE MARKET

As an active Realtor in Houston, I encounter many individuals and families that are challenged with the issue of renting vs buying. Whether they’re the Millennials or Baby Boomers some of the same issues apply. Let’s explore some of the facts around this issue.

According to a recent article by Bernice Ross, The real reasons millennials aren’t buying homes: Part 1, homeownership peaked in 2002 at nearly 70%. Flash forward 10 years and the home ownership has dropped to 65% in 2013. Some of the drop is attributed to the “correction after 2008, but also a drop in first-time homebuyers, rising housing costs and income levels that have remained stagnant for several years.”

In my everyday experience discussing home ownership, and having deep conversations about personal finances, job security, and available homes, I’ve surmised that there is a significant lack of consumer confidence that is real. Consumers are very aware of market conditions, and the volatility of various job industries. Thus, the behavior is to minimize risk and find the best alternative to buying which is renting.

The $64,000 dollar question is when will this turn around? Your guess is as good as mine. I will say that it is an individual by individual situation, so there will be some home buying but a lot of consumers will continue to rent.

Unfortunately, while there is a fixed upfront cost for consumers to “manage”, the long-term loss is deceptive and financially problematic. See the chart I’ve included to illustrate the long term savings at higher rent costs vs paying a mortgage payment.

HOUSTON IS DOG FRIENDLY

Man’s best friend does not get the short end of the stick here in Houston. Many restaurants allow dogs on a leash to accompany. While some people consider it to be a hygenic issue, the establishment’s I’ve been to are careful to maintain a good separation from the food preparation areas.

You can see many pets on leashes on decks and patios under the shade. It provides a warm welcoming atmosphere for most and owners I’ve witnessed are usually very considerate of other patrons. The complete list of Houston – Galleria – Tanglewood – Montrose and other area restaurants that allow pets can be found in the article below.

Check out the article in 365thingsinhouston.com titled 10 Dog Friendly Restaurants.

HOUSTON REAL ESTATE #1 BROKER

When it comes to selling your home or buying a new one, among the most crucial decisions you will make is the broker/agent that will help you through the real estate transaction.

Important factors to consider are longevity, reliability, market presence and credibility. In all of those areas, Better Homes & Gardens – Gary Greene will meet or exceed your expectations. With the national brand and powerhouse of Better Homes & Gardens behind us, local agents like me will use every asset at our disposal to get the job done!

Give me a call today or tell a friend that you know is moving!