Is It Better To Buy Or Rent In Tuscaloosa, Alabama?
Trying to buy the home of your dreams? Ready for a fixer-upper? Or looking to rent a home. You are not likely to get a deal right now.
Tuscaloosa area realtors say it is a sellers market. Many sellers are getting their full asking price.
Many properties are being listed at 10% over the actual property value. Some sellers are benefitting from bidding wars when multiple offers are made on a property.
Potential home buyers can benefit from current low interest rates, but prepare for rising rates moving forward. Make a 20% down payment and get an interest rate under 3% financed over 30 years. Owning a property allows you to do what you want with the home. The freedom of ownership is a definite plus. For a $290,000.00 home here is what kind of rates you'll be looking at.
If renting is your choice, then living in a college market like Tuscaloosa can be a factor. There is lots of inventory. And like Sealy Realty advertises, they alone have over 9000 rentals.
One realtor advises if you’re planning on living in your home a minimum of 6 years, then take the low interest rates & buy a home. There is no better investment. Houses are selling quickly in the Tuscaloosa market. If you find something that suits your needs, don’t hesitate or could lose out to another buyer.
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