Time To Stop Renting And To Buy A Home In Charlotte, NC?

By
Real Estate Agent with RE/MAX Executive | Charlotte, NC

 

Time To Stop Renting And To Buy A Home?

 

Is it time to buy your Charlotte metro area home and stop renting and paying your landlord's mortgage instead of your own? Is it time to consider how much less expensive it could be to buy versus renting when you see how much of your income goes to rent versus how much goes to paying a mortgage? The answer was YES in January, February, March, April, and May... and the answer was still YES in June!

 

The Cost of Renting Versus Buying A Home

 

 

 

 

Additional Benefits Of Owning A Home Vs. Renting

And then there are the other benefits of owning a home -- such as building net worth for your family or that a mortgage locks in your monthly housing cost for decades. No doubt that every market is different, but before you renew your lease again, find out if you can put your housing costs to work by buying this year!

 

Rental Outlook in Charlotte, NC Region 

What's the rental outlook in Charlotte, North Carolina region right now? As the chart below shows, the cost of renting in June 2018 increased 0.6% versus the same period one year ago and 3.7% year-to-date. It doesn't appear that this trend will change.

 

Charlotte Region Rental Update June 2018

 “Based on information from the Carolina Multiple Listing Services, Inc. for the period (date) through (date) (and the area covered).”

 

Part of the cause of increasing rental prices stems from a lack of rental inventory in high-demand areas. For the Charlotte region the number of active rentals was down 22.1% versus the same period one year ago. In Mecklenburg County, rental inventory was down 22.6% year-over-year. In the City of Charlotte, rental inventory was down 17.4% year-over-year. 

 

Are renters are seeing income increases at levels sufficient to cover off the increasing cost of housing? It's doubtful.

 

Will waiting to buy also cost more as time goes on? Yes, it will. The chart below clearly shows just how much with increasing home prices and interest rates.

 

Cost of Waiting to Buy A Home

 

 

So is it time to buy your Charlotte metro area home and stop renting?
It would appear the answer to this question is a definite YES!

 

If you're a renter who wants to stop paying your landlord's mortgage and instead lock in your housing costs, build wealth, and become a homeowner, you can:

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 free home listing alerts from greathomesincharlotte.com

 

 

This information about the advantages of buying a home versus renting is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts.

If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

 

Posted by

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2018 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Tags:
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Rainmaker
2,887,566
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Yes, Yes, Yes Nina. It's a smart move to buy rather than rent.  The rental rates are becoming higher and higher and higher!

Jul 16, 2018 08:03 AM #17
Rainmaker
3,825,727
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

You make an excellent case for buying a home instead of renting one.  And I would add that if anyone is looking to buy a home or sell one, they should give you a call.  A

Jul 16, 2018 08:45 AM #18
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Paul S. Henderson, REALTOR®,CRS, hi Paul... these days the numbers often speak for themselve in favor of buying. There have been times when it was more of a toss-up to rent or buy.

Jul 16, 2018 09:08 AM #19
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England hi Brian... I think there are all sorts of reasons why some people don't buy that may have nothing to do with being able to handle homeownership responsibilities. When we lived overseas we always rented as we never knew how long we might be stationed in one place. In NYC there are still people who live in rent controlled apartments for "nothing." Not much incentive to buy.

Jul 16, 2018 09:10 AM #20
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila and Larry... in Charlotte, people are agog as to what rents are these days! And they are not going down either.

Jul 16, 2018 09:10 AM #21
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel thanks, Alexandra. A few years ago I was working with quite a number of first time buyers because they realized rents were so much more than a mortgage. Currently, not so much... a lot of the first time buyers have not been priced out of the market to buy (even though the carry cost is less) and are stuck renting at high prices.

Jul 16, 2018 09:12 AM #22
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina at the cost of rents these days it does not make any sense to keep on giving the landlord money when for almost the same amount it can be going towards a mortgage building up equity.

Jul 16, 2018 10:37 AM #23
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto hi George... seem's so logical, doesn't it? And yet how many people are still sitting there on the fence?

Jul 16, 2018 10:56 AM #24
Rainmaker
1,572,334
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Nina - If you have the credit and down payment then ownership is the choice.

Jul 16, 2018 12:04 PM #25
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Grant Schneider no argument from me, Grant... but amazing how many people are still sitting on the fence, while their rents go up, home prices and interest rates go up. Makes you wonder what they are waiting for.

Jul 16, 2018 12:18 PM #26
Rainmaker
1,420,649
Yolanda Cordova-Gilbert
Richmond, TX

Nina,

 Good analysis though it does not work that way in all cases, I had a person once who said they were paying to much in rent and they heard they were throwing their money away they had no savings for down payment and their "rent" was way cheaper than the mortgage and mind you I was selling entry level homes at the time!

Jul 16, 2018 12:40 PM #27
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yolanda Cordova-Gilbert everyone has to do their analysis for their own unique situation. A lot depends on interest rates, home prices, what kind of loan someone can qualify for... etc. 

Jul 16, 2018 12:59 PM #28
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Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you so much for sharing this.  This is exactly the type of information that buyers and sellers need to make informed decisions.  Very professional!

Jul 17, 2018 05:37 AM #29
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford good morning, Jim, and thank you for the kind words. It's an important topic and should be presented in a logical and professional manner.

Jul 17, 2018 05:39 AM #30
Ambassador
1,467,128
Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

You are so right Nina Hollander! Buying instead of renting make a lot of sense especially with these low rates!

Jul 17, 2018 07:06 AM #31
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jim Crawford hi Jim... still amazing to me as we've had lower rates and lower home prices for several years now, how many people put this off... now rates are increasing as have home prices and many are still putting off purchasing a home. Makes you wonder what they are waiting for. I have a couple of clients who are now crying on my shoulder about the fact that they didn't listen to me two years ago and are now priced out of the market and have no choice but to rent (at increasingly higher rent rates).

Jul 17, 2018 07:35 AM #32
Rainmaker
1,133,868
Jane Peters
Home Jane Realty - Los Angeles, CA
Connecting you to the L.A. real estate market

If you can do it it just makes sense to buy rather than pay other people's mortgages. As you say rental prices are ridiculous. Let's hope inventory eases up so potential buyers can move forward.

Jul 17, 2018 06:20 PM #33
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Jane Peters good morning, Jane. The trick to stabilizing home price increases and getting more closed sales without a doubt right now is more inventory (especially affordable inventory).

Jul 18, 2018 03:39 AM #34
Rainmaker
3,617,597
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, I agree with you, the longer a renter waits to buy, the further away home ownership becomes!  

Jul 19, 2018 06:22 AM #35
Rainmaker
2,497,583
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Joan Cox  if I've seen that happening here in Charlotte since last year already, no doubt it's happening at your end of the world, Joan.

Jul 19, 2018 10:14 AM #36
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