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Rent Vs. Buy | Solari Group Real Estate News Blog

Friday, November 15, 2019   /   by Nicole Solari

The Cost of Renting Vs. Buying a Home

The Cost of Renting vs. Buying a Home










Some Highlights:

Historically, the choice between renting and buying a home has been a tough decision.
Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice is clear.
Every market is different. Before you renew your lease, find out if you can put your housing costs to work by buying a home this year. ...

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  real estate, homebuyers, buying, finances, first time home buyer, home price, solano county, solari group, napa valley, market update, the solari group, market trends, level up realty, home buyer, rent vs. buy, for buyers, rent, renters, home buyers

Wednesday, September 18, 2019   /   by Nicole Solari

Statewide Rent Control Passed by California Legislature

Statewide Rent Control Passed by California Legislature
 
As many people in the industry are aware, the California legislature passed AB 1482 last week, commonly known as the statewide “rent cap bill.” The bill is expected to be signed into law by Gov. Newson in October. While parts could still change before then, we now have a good enough idea to know what to expect. Basically, the law will make it harder to evict a tenant after she has resided in the property for 12 months and it will cap rent increases between 5% and 10%.However, not all residential properties will be subject to the law.

The bill currently excludes most single-family, duplex and new construction residencies.

At present, the following residential circumstances are exempt from the bill:       A)  Real property that has been issued a certificate of occupancy within the previous           15 years. So, most homes built after 2004 w. ...

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  real estate, buying, market trends, home buyer tips, housing market, rent vs. buy, rent, renters

Tuesday, August 13, 2019   /   by Nicole Solari

Millionaire To Millennials: The Costly Mistake Of Not Buying Now

Millionaire To Millennials: The Costly Mistake Of Not Buying Now




On his personal website, self-made millionaire David Bach makes a striking statement:

 “Not prioritizing homeownership is the single biggest mistake millennials are making.” 
He further stated, “Buying a home is an escalator to wealth.”

Bach explains:

“Young adults in particular aren’t hopping on this escalator, and it’s a costly mistake…If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none.”

He then elaborates on the game of homeownership:

“Start by crunching the numbers…actually do the math…This way, you’re really clear on your goals and you won’t just say to yourself, ‘I’ll never afford this!’
A good rule of thumb is to make sure your total monthly housing payment doesn’t consume more than 30 per ...

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  home ownership, homebuyers, buying, first time home buyer, home buyer tips, first time home buyers, rent vs. buy, for buyers

Monday, May 6, 2019   /   by Nicole Solari

The Cost Of Renting Vs. Buying This Spring

THE COST OF RENTING VS. BUYING THIS SPRING [INFOGRAPHIC]







Some Highlights:

Historically, the choice between renting or buying a home has been a tough decision.
Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice becomes obvious.
Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year! ...

Read More


  real estate, home ownership, homebuyers, first time home buyer, for sale, the solari group, market trends, home buyer, rent, rent vs. buy, renters

Thursday, July 5, 2018   /   by Nicole Solari

Homes Are More Affordable Today Than They Were in 1985-2000

Rising home prices have many concerned that the average family will no longer be able to afford the most precious piece of the American Dream – their own home.

However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it.

Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we must also realize that incomes have increased.

This is why most indexes use the percentage of median income required to make monthly mortgage payments on a typical home as the point of comparison.

Zillow recently released a report comparing home affordability over the decades using this formula. The report revealed that, though homes are less affordable this ye ...

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  real estate, home ownership, homebuyers, real estate agent, homes for sale, buying, realtor, selling, finances, first time home buyer, moving, rent vs. buy