It's always lovely when schedules line up perfectly. But, the reality is that when it comes to real estate transactions, there's likely to be a slight lag between the day you buy the home and the day you can move in. You may sell your home before you find a new home, may need to wait until the seller can move into their new home, or wait while the renovation company completes any necessary repairs or upgrades. Or, you may want to wait until you find the best deal on a house that fits within your budget. Our real estate agents know there are plenty of reasons you may need to rent a home, and we advise all clients to carefully think over the possibility of living in a short-term rental before moving into their new home.
- Hot Markets May Cool Off
One of the biggest reasons homeowners sell their homes and rent is that the real estate market is still red hot. While prices for North Canton homes for sale are cooling down and stabilizing, they aren't dropping. Many homeowners who sold their homes made tidy profits and have chosen to invest those profits and rent until housing cools down. The market may cool, and prices could fall in the next couple of years. But rent could go up as rental properties become scarce. This means that any savings gained could easily be lost in the form of increased rental costs.
- Watch Out for Mortgage Rates
Inflation is going up, far above anything the country has seen since the early 1980s. This means that the Fed is strongly considering raising interest rates to throw some water on the fire before it burns through everyone's savings. Interest rates will likely rise this year, which means that waiting to buy a home could end up costing you more in the long run.
- Sellers and Landlords Have the Upper Hand
It's a seller's market right now, and many homes continue to sell well above the listing price. At the same time, rental inventories are down, and eviction moratoriums have come to an end across most of the country. This means that landlords can command premium prices for rental property. They can also require tenants to sign long-term leases and easily walk away from short-term options. As a result, if you plan to rent, you may end up renting for longer than you want. Thus, if you do intend to keep your eye on Akron homes for sale, we recommend signing a lease that gives you the option of subletting the property so that you can move out and minimize your losses when you find the home you want.
We invite you to contact us to learn more about the best strategy for your specific situation. We're happy to answer your questions and help guide you in the right direction to move into your new home at a time and price that's most convenient for you.