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The Experienced Main Line Realtors® at Sage Realty Discuss Renting vs. Buying a Home

Main Line RealtorsHome ownership is a dream for many Americans, however, a large portion of them are still renting homes. Why are so many people reluctant to buy when in most cases, renting is more expensive? Sage’s Main Line Realtors® discuss home buying vs. renting.

Financing is the leading cause of stress for new home buyers, with many worried about the ability to save up for a down payment. New home buyers can have difficulty accumulating cash for a down payment, but some may have access to gifts from parents or can tap into their tax-deferred accounts. Even though, according to a recent Welcome Home survey released by the Pennsylvania Association of Realtors® (PAR), 1 in 3 home buyers who have an income of less than $50,000 can pay for their new home with cash, these are mostly older buyers who are using the proceeds from the sale of their previous home. While saving for that large of a sum can be difficult, saving for a lower down payment is doable. Finding the right lender is key to real estate success.

As Main Line Realtors®, we find that many potential home buyers still have the impression that they will be required to have a 20% down payment. The truth is, a buyer can purchase a new home with as low as a 3% down payment. That percentage is a lot less daunting and makes home ownership more achievable for many.

In addition to down payment worries, many renters feel that their credit scores are too low to allow them to qualify for a home loan. A recent study by Ipsos showed that 62% of people believe they need excellent credit to buy a home. In February of this year, the average FICO® Score for all loans that closed was 720, with some scores being in the 680s.

The Chief Economist at Realtor.com®, Jonathan Smoke, recently wrote “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” So renting is already more expensive than homeownership, and that situation is only going to get worse, making saving for a down payment more difficult.

Call Sage’s Main Line Realtors® to Find Out if Now is the Time for You to Buy a Home

At Sage Realty, our Main Line Realtors® help buyers find their perfect homes, keeping in mind amenities, walkability, schools, and anything that is important to our buyers. We work with many lenders and stay abreast of current rates and requirements for home loans. With our knowledge and experience, we assist our clients to help make the process of buying a home as stress-free as possible. Contact us today for a free consultation to help determine if now is the time for you to become a homeowner!

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Featured Testimonial

I moved to PA from Washington State and learned that realty is local. There were things that I thought I knew about buying a house previously but boy was I wrong. Linda was very patient with me but also did not hold back when she saw potential problems, and always made sure I had all the information I needed before making a decision and didn’t belittle concerns to just get a sale. Above all else, and this was the most important thing to me, Linda has a high ethical standard, is very transparent in her approach and is someone I trusted making one of the biggest decisions of my life. – A. Lindsay (Courtesy of Google)

 

Hear From Our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Hear from our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Sage Buyer Tips

Use Sage Buyer Tips to research the Main Line and stay up to date on real estate news. This online destination is chock full of resources for buyers and sellers: you can see our Main Line communities or explore Sage favorite places. Browse properties here and search other Main Line real estate. With Sage’s advice and experience, first-time buyers and those looking to upgrade can find homes best suited to their needs.