Why Rent?

That’s what Dan Oppenheim from Credit Suisse wants to know when prices are this cheap.  I have been saying this for awhile now IF it is the right time for you to buy due to low interest rates and housing affordability.  I say if because owning a home isn’t for everyone and if you don’t plan on staying in the home for at least 5 years then renting is the way to go. 

There is nothing wrong with renting and if you don’t have a history of saving money, having reserves after closing for expenses that occur with owning a home, and don’t have a reasonable debt to income ratio then don’t buy yet.  Get pre-approved in advanced so that you can prepare for what is needed when buying a home.  And when I say in advance I don’t mean a few hours or days prior to looking at a home.  I am talking about months.  Even those who have owned in the past don’t know what they are getting into right now.