Real Estate Insider Blog

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15
Sep
2016

Is now a good time to buy or rent a home in the Clearwater area?

Sometimes renters just want to start afresh in a new community, perhaps in a home with more room to start a family, or maybe just because they grow tired of having to pay their landlord month after month. There's plenty of people who have gone from renting to buying property, and perhaps you now feel that you are stable enough financially to join them. Let's look at a few benefits to owning rather than renting your own home:


More Predictable Housing Expenses


A classic benefit of owning your own home is that, although rental rates pretty much rise every year, the principle and interest variables of a fixed mortgage payment stay the same throughout the whole period of repayment. This means that, assuming you have a 10-year ?xed-rate mortgage, you will pay the same exact month-to-month payment every month for the whole 10 years, regardless of how much inflation goes up or down.


Better Value


Because of realty appreciation in Pinellas County, it's quite common to see a home that was bought for $60,000 a decade ago is now worth $180,000. In contrast to other geological areas in Florida, Pinellas County is a peninsula and is for the most part overbuilt, so there's not much free land and too little space left for the population to expand. This is why a number of major cities in Pinellas County, such as Clearwater, are coming back as sought-after industrial and residential areas, some of which have seen realty values rise by as much as 220%.

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18
Apr
2016

Does it Make More Sense to Rent or Buy a Home?

 

After the housing crisis, many Americans were forced into the rental markets and questioned if home ownership was really the "American Dream". As the markets have recovered, sentiment has changed on this front, and the most recent Generational Trends Report by the National Association of Realtors shows that it's the millennial generation who are anxious to make the leap as first-time homebuyers. No matter your age group, whether buying your first home or not, the debate continues about the benefits of renting versus buying. Here are just a few reasons why buying a home continues to make the most sense. 
 

High Rents

Rents in the Tampa Bay area are continuing to climb, with a median rent per month of $1,395, a 3% increase from a year ago and within 10 miles of Clearwater, FL, the average apartment rent is around $1376. In the Clearwater area, a 2-bedroom apartment averages $1425 whereas a 1 bedroom apartment rents for around $979 a month. While there are costs associated with home ownership, this monthly outlay for rent (averaging between $12,000 to $17,000 per year) isn't providing you any equity and is essential just wasted money “down the drain”. 
 

Home Value Appreciation

While rents are continuing to rise, so is the value of homes in the Tampa Bay and Clearwater area market. Just in the past year, the median sales price of homes saw an appreciation of 7%. It's clear to see where placing your...

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