Should I Rent Or Buy A Home In Charlotte, NC. in 2013?

As we fast approach the spring selling season in Charlotte, NC. One factor and variable that comes up often is should I buy or should I continue to rent in Charlotte, NC. area? It is a good question and one that deserves further discussion. The last couple of years it was a no brainer if you could buy you should purchase a home because rental prices were climbing fast as supply shrunk to levels that could not meet demand....But since home prices are rising as more buyers are out looking and inventory is shrinking; should I still consider buying? Ultimately the decision is yours and one you should not make lightly. For most people and families owning a home is the American dream and one we all strive to reach. Whether owning that home is this year or next or in a few years is only a question you can answer. But if the time is now and you are on the fence whether it is right to buy; let me give you some startling statistics. In Charlotte, NC. the average rent for 2012 was $1065.00 a month for a two bedroom apartment and $965.00 overall. That was an increase of over 4% from 2011 for a rental. Now there are places you can rent less expensive and others that are more expensive to rent.... Consider that you can purchase a home through FHA at 3.5% interest rate on a $220,000 home would be equivalent to an average rent in Charlotte, NC. and that the average sale price of a house in Charlotte, NC is $217,940. And my scenario includes your property taxes and mortgage insurance. Currently according to studies I found and read about rent versus buy in Charlotte, NC. the cost of ownership versus renting it is 38% cheaper to own a home than it is to rent right now..... Historically this is not the case as rentals in a good market are substantially lower than buying. However; in Charlotte over half of all home sales were less expensive than renting. That is an astonishing number and one I witness every day. First time home buyers are shocked at how low their monthly payments are on the homes they are buying and ask themselves all the time; why did I not do this sooner..... Thinking of buying a home in Charlotte, NC. and not sure if it the right move; you will be shocked and surprised at what you can buy in Charlotte for the same as you are paying in rent right now.... Dave diCecco Realtor/Broker Coldwell Banker United Cell:704-519-7895 ddicecco@cbunited.com www.davedicecco.com