There are a few things that we as Realtors like about Zillow and Trulia. One is that buyers can look and look and look to their little heart’s desire through thousands of homes without needing to ask for access – great! On the other end, the home values they estimate for sellers can be 20% or more off target. You might as well get your list price off the lid of a Snapple. Do they know that your neighbor made every upgrade possible and you still have the original carpet and wallpaper from 1976? Not Even Stevens. It makes it really hard for us to present the market value to you when you have a totally inflated number in your head that you can’t shake.
One helpful resource they provide is in the statistics department. Trulia releases an annual Rent vs. Buy report and the most recent one states that buying is 37.7% cheaper than renting nationwide. If that doesn’t get your attention maybe this will. Good ol’ Chucktown, South Carolina is numero 5 on a list of the top 10 cities where buying beats renting. According to their data, buying is 52.5% cheaper than renting here. Ay caramba! And to be clear, these numbers apply to buyers who move every 7 years and can afford to put 20% down:
If you’re renting, I imagine that went down like a warm shot of gin. You can’t unsee those numbers! There are significant financial advantages to home ownership, people, and it’s never too late to start! As soon as you get a mortgage, you become a real estate investor building long-term equity.
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