As a big believer in personal responsibility my advice must be – consider the market and make an INFORMED decision for today AND the future. This decision is NOT based on what you WANT today but what is BEST for today and the future.
Remember LOCATION, LOCATION, LOCATION! It makes sense sometimes to rent if you believe YOUR real estate market will decline in value. Of course the hope is that you will be able to purchase at the bottom of the market but remember real estate is LOCAL. So, ignore the National news and find out what is REALLY going on in the Brazos Valley. There are a few areas of the country that still have a little room left to decline but other areas like college towns and areas people are moving to such as Upstate New York, Texas and the Washington DC metro area are not seeing the decline. So a few things to consider to help you make a decision to buy or rent if you are in a relatively strong market area like College Station and Bryan –
1. Can you get a “real” home mortgage? Stick with a 15 or 30 year fixed rate loan.
2. Can you invest in a home for the long term?
3. Use the rule of 15 – Purchasing 15 times the rent you can live with “equals” your purchase price point.
4. Is your credit strong enough to get a good interest rate?
5. Do you have a Realtor to assist you in making a smart informed decision? YES – ME!
So, NOW is the time to decide to purchase your new home in Bryan or College Station!