Renting vs Buying a Home

Looking to Rent or Buy in Oviedo?

If you live in the Oviedo or Winter Springs area and are thinking of buying a home, you may have some doubts as to whether buying is a good move.

It is not unusual to become comfortable with renting a home especially because you don’t have to worry about saving up a down payment or being committed to a home.

On the other side purchasing a home can be a big milestone for some and provide a sense of stability.

Renting Pro’s

  1. One payment: Renters usually do not have to worry about paying taxes or home owners insurance. Some locations even combine utilities and Internet into one easy monthly bill.
  2. Less maintenance:┬áIt’s much easier to call the landlord when something breaks. While you have to maintain your personal items as well as basic upkeep, you don’t have to sweat the big stuff.
  3. Easier Process: The renting process is usually much easier because it usually just involves and application and credit check.
  4. Less financial burden: Although first, last and deposit can be significant, it’s much less than a down payment for a new home.
  5. No risk: After you are done with you lease term you are under no obligation to stay and are free to explore your options.
  6. Renovations: No need to worry about making upgrades or renovations to keep the property updated.
  7. Mobility: For those wanderers that don’t like to plant roots in an area, renting is a great opportunity to feel out an area and see if that’s a place you’d like to settle. If not, once your lease ends, you can move wherever you’d like without having to deal with selling.
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Home Buying Pro’s

  1. Building Equity: When you become a homeowner, you start to build equity in your home. As you pay down your mortgage and a the value of your home appreciates, your home becomes and asset. Imagine paying $200,000 for a home and within a couple of years, the value of your home is $250,000. If the market is strong you also build equity through the appreciation of the homes value.
  2. Affordability: In this market, it is more affordable to own than rent. With a good credit score and a small down payment, you can be in a new home and paying a lower monthly payment than you would in a rental.
  3. Mortgage Interest: Currently, if you own your own home, you have the tax advantage of being able to deduct mortgage interest which lowers your income taxes.
  4. Customize: The fact that you own your home means that you can paint your living room a wild shade of pink if you choose. No more stark white walls, and pet restrictions. As long as you own it, you choose who lives with you, how you want to landscape the lawn, and more. (Check with your HOA for any external home decor limitations)
  5. Equity Line: When your home increases in value beyond the purchase price, that is money that you can use for other purposes such as adding room or paying college tuition. If you don’t take the equity out and it continues to grow, your home becomes a way to build wealth.
  6. You own your home: At the end of your 30 year mortgage you will own your home outright but until then it is still an asset.
  7. Payment: No one will be increasing your rent in a year. You’ll have a steady monthly payment and as you go through your mortgage, it will actually decrease as you pay down principal and interest.
  8. Pride in ownership: This is your home and research has shown that home ownership you have the opportunity to build ties within the community and be a proud homeowner.
  9. Save: Buying a home forces you to save for a down payment and closing costs.


If this isn’t enough and you need more to substantiate this, check out this article on 23 scientific reasons why home ownership is better than renting.

While buying a home is a big step, once home buyers make that leap, they realize that it’s more cost effective to buy instead of rent and they’ll have that equity and investment for their future.

These are just a few items to consider if you are thinking about renting or buying a home. Whether you are considering buying or selling, when you meet with us at Waypointe Realty, we take the time to go through the entire real estate process, the benefits of home ownership, and what the steps are to qualify for a loan. We value our clients and educating them is of utmost importance to make sure that our buyers feel comfortable and can take an objective look at your situation before you make a decision.

Ready to setup your COMPLIMENTARY BUYER’S CONSULTATION? Contact us today to schedule it.

3 Tips to Help Sellers Sell Their Home

Here at Waypointe Realty, we want to provide tips for sellers ready to sell their properties. As a result of having more buyers than inventory, we are in a seller’s market. What we typically see when a seller tries to sell their home without a real estate agent, is that they overprice their home.

When you overprice your home it can become stagnant in the market and we see a huge decline in visibility of the property and offers.

We’ve encountered sellers that have chosen to sell their home For Sale By Owner and see that something is just not working. Typically, it’s the price. Continue reading “3 Tips to Help Sellers Sell Their Home”

5 Tips on Safeguarding Your Home During Open Houses

This the season for open houses. We want to protect you guys with some great tips during an open house that you may or may not have thought about:

1. Hide or remove any documents (bills, credit cards etc.) that have private information

2. Lock up or remove jewelry, antiques, keys, garage door openers, etc.

3. Don’t think your top dresser door is safe . Don’t hide anything in your top drawers

4. Lock up your medications and prescriptions

5. Make sure your Realtor signs everyone in before touring the home

When working with real estate professionals, it’s important to choose someone who knows the area and is an expert in the market.

At Waypointe Realty, we strive to stay educated about our market and understand our sellers and buyers, their needs, and how we can best serve them in one of the most important decisions they’ll make. Tips like these are just some of the ways we take care of our customers every step of the way.

Why Stage Your Home and the Best Rooms to Stage

iHeart Realty by Waypointe Realty is a fun, engaging show that brings you real estate news through authentic, clear messaging, giving you what you need to know about today’s real estate market, home design tips and tricks, and events happening around town with your hosts, Jenelle Ferrer and Hilda Hernandez.

4 reasons why you should stage your home when selling & the 6 rooms in your home that you should be focused on! Continue reading “Why Stage Your Home and the Best Rooms to Stage”

The Orlando Housing Market for January 2018

Orlando home sales completed during 2017 finished out at 37,198, which according to the Orlando Regional REALTOR Association is 3.8 percent above the cumulative sales total of 35,829 for 2016. By comparison, annual sales in 2016 were 1.9 percent greater than in 2015.

In addition, Orlando’s annual median home price ($220,000) is 10% higher than the 2016 annual median price ($200,000) thanks to another 12 consecutive months of year-over-year price increases.

“Median price was driven during 2017 primarily by a combination of strong buyer demand and very low inventory levels,” explains 2018 ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “REALTORS expect prices to continue their upward trend in 2018, albeit at a slower rate.”

“We also expect low inventory to continue to exert its influence on the market in 2018, especially in the highly desired lower-priced categories,” says Nimkoff. “In fact, the lack of affordable housing in Orlando is a concern that REALTORS anticipate will be at the forefront of community discussion in 2018.”

Median Price

*The 2017 annual median price of $220,000 is an increase of 10.0 percent when compared to 2016’s annual median price of $200,000.

*The annual median price of single-family homes increased 8.2 percent to $238,000 in 2017, while the median price of condos increased 17.7 percent to $111,800. The median for duplexes, town homes, and villas increased 10.8 percent.

*The 2017 annual median price of normal homes increased 7.1 percent to $225,000. The short sales median price increased by 4.2 percent and the bank-owned median price increased by 14.8 percent.

Inventory

*There are currently 7,508 homes available for purchase through the MLS. The December 2017 overall inventory level is 12.6 percent lower than it was in December 2016.

*Overall inventory is down 9.5 percent compared to last month.

*The inventory of normal properties decreased 10.3 percent compared to December 2016, while foreclosure inventory is down 43.1 percent and short sale inventory is down 48.0 percent.

*Year-over-year single-family home inventory is down 9.4 percent; condo inventory is down 27.5 percent

Buyers:

Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs.

Sellers:

Inventory continues to be low and prices are up and steady, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.

Source of article: Orlando Realtors

5 Top Home Improvements for Best Returns

Prepping Your Home

When you are preparing to sell your house, you may have a single-minded focus on what you’re looking for in your next home. However, it may be crucial to pay attention to your current abode. A home improvement project or two may be just the thing to make certain that your current house sells quickly and at the right price.

Continue reading “5 Top Home Improvements for Best Returns”

Why Choose a Realtor?

Here at Waypointe Realty we focus on helping buyers and sellers navigate through the complexities of real estate to secure value on their next real estate transaction. But many people wonder why on earth should I use a real estate company to help me buy or sell my home?

Continue reading “Why Choose a Realtor?”