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Renting Before Buying - CB Prime Properties

In 2021, our real estate agents guided clients through a housing market unlike anything in living memory. Low interest rates inspired many people to pursue the dream of homeownership. At the same time, much of New York saw housing prices skyrocket.

No matter if you're looking at Albany homes for sale or elsewhere in the state, today's market holds opportunities and surprises—for buyers and sellers alike. Knowing that interest rates may soon rise, many homeowners are taking the plunge and selling right away.

That raises the question: What should you do next?

If you're planning to sell, jumping right back into the housing market to buy again may sound like a chore. Increasing numbers of homeowners are choosing to rent, giving today's market some time to cool off before they re-enter as buyers.

It's a strong strategy, but it entails its own set of challenges.

Why So Many Sellers Are Deciding to Rent

When selling a home, it's often the case that you need to manage both the buying and selling process simultaneously. In today's market, that adds a lot of uncertainty many sellers prefer not to deal with. They want to know precisely where they're going when they close on their current property.

It takes an average of about 56 days to close on a home compared to less than a week for the average rental application. Although there are certainly some drawbacks to renting, most sellers are looking ahead to the possibility that the market may be very different 12 months from now.

How to Find the Right Short-Term Rental

Renting can be an adjustment if you're used to having your own home. But it's much easier to adapt to if it's just a stop along the way, not a final destination. In 202—or even later this year—we could well be in a situation where 2021's meteoric home price gains fall back to Earth.

Here's how to find a great place in the meantime:

  • Consider Test Driving Your Next Neighborhood
    If you are thinking about moving to a specific neighborhood or even another state, it may be a wise idea to get started while renting. Renting gives you a period of a few months where you can explore and think about your choice without having to commit.

  • Look for the Right Lease Term
    It was not that long ago when leases were standardized for a year-long period. Nowadays, short-term leases are available in a greater variety of communities. Align your lease term to the amount of time you plan to rent, but remember: In many states, rent can only go up when the lease is renewed.

  • Leverage the Positive in Your Situation
    There are positives to renting—not having to worry about repairs, for example. Now's a terrific time to savor amenities you might enjoy but wouldn't want to maintain in your home, such as a pool. You may even be able to find a community that suits you.

  • Fit Your Rental Plans into Your Financial Strategy
    Renting is a way to adjust all of the different costs in your life—that includes obvious things such as the cost of your commute, but also groceries, entertainment, and more. If saving up is an important part of your buying plan, research to know which rental options offer you the lifestyle and budget you want.

Renting gives you new perspective—it's a step back, not a step-down. And when you're ready to buy, we're here to help. Contact us to learn more today.

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