Tuesday, June 15, 2010

It's better to buy than rent an Albuquerque home!

This morning Trulia published their rent/buy analysis for various cities.  Albuquerque placed with a rating of "14".  The Price to Rent Ratio interpretation is this:

If a city receives a score of anything from 1-15, it is much less expensive to own than to rent a home in this city.  The factors used to calculate this score are the mortgage (principle and interest), property taxes, hazard insurance, closing costs and ongoing Home Owner Association Dues and private mortgage insurance where applied.  The calculations are used to include an offset for the tax advantages of home ownership, including mortgage interest, property tax and closing cost deductions.

The total cost of renting is calculated to use rent plus renter's insurance.

Also, in Albuquerque it is pretty difficult to find a short term rental, 6 months or less - and if you choose to rent you stand of chance of 'missing the market'.  I have lived in Albuquerque since 1979 and I have seen many changes in market conditions and economic development.  Albuquerque's market tide can change quite quickly, leaving you with higher interest rates or less inventory to choose from when you get ready to buy if you postpone the process by renting.

For the full report, click here!

There are opportunities for short term executive rentals that many of our clients have found very useful, and if you would like a list of those properties please contact the eTeam anytime, we would be glad to help.
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