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Is it really the time to Rent or to Buy in Louisville, KY?

By
Real Estate Agent with RE/MAX Real Estate Center

Is it really the time to Rent or to Buy in Louisville, KY?

I was driving on a major road in Louisville not long ago and saw a sign that said "Now is the time to Rent".  Of course, it was sitting in front of an apartment complex, but really is it better to Rent or to Buy in Louisville right now?  We hear the opposite...renters are bombarded with messages about now being the best time to buy in many years.  Well, which is it?  I know that in our local market, rentals can be difficult to find.  Renters are limited in what is available in our local market.  A nice rental home comes on the market one day and can be gone the next. 

Last week I had the opportunity to close a home with a first time homebuyer.  He has been living in a great apartment in a popular area of town.  He has been taking his time looking for a home...I think it has been at least a year.  He was ecstatic about this home purchase.  It was an adorable home that was a bank REO.  He told me at the closing table that he couldn't be happier.  He said he always felt that it is a good time to buy, but it had to be the right house because he was just too happy in his rental situation. 

His new house payment is cheaper than his monthly rent.  He said the tax perks that come with owning his home vs renting an apartment are just Gravy!  And the pride of owning one's home is just a perk that can't be matched.

Of course, everyone can't buy.  But I certainly think if a person has the option, It really is the time to Buy!