Tuesday, August 21, 2012
When should you rent and when should you buy? A Frisco realtor tells all
Many people will rent a less-than-appealing home in Plano just to be south of 121 when they could get new, better, cheaper just 10 minutes up the road in Frisco or Mckinney.
This adorable Craftsmen-style home at 7601 Loma Alta Trail in McKinney is one of the amazing rentals available through 2Clarks Real Estate.
We’re starting a new feature here on CandysDirt.com that takes a look at the leasing market. Got a hot news tip about renting in North Texas? Send it to email@example.com!
There are just as many reasons why people are long-term renters as there are amazing rental properties in Dallas. But right now, with inventory tight and sellers only accepting top offers, who is choosing to sign a lease rather than sign a mortgage? Christine Clark of 2Clarks Real Estate dishes.
Candy's Dirt: Who is renting right now? Are you seeing more of one demographic than another?
Christine Clark: The market is full of the obvious renter with credit challenges who cannot qualify to buy a home. We have seen a lot of younger professional couples this summer that clearly could qualify to buy a nicer place, probably even for less money monthly, and just don’t want to make the commitment to a location or lifestyle. They really want flexibility. The other group that we have seen are those families who go burned trying to unload previous homes and even though they qualify to buy, just don’t want to make that mistake again.
Who should be renting?
It makes sense to rent when you need to repair your credit and can’t qualify to buy right now. It also makes sense to rent if you might not be in the same area for more than a couple years due to a job change or planned relocation. Finally, rent is you want to “try on” a community or life style, if you live in uptown but crave the space of the suburbs but not sure you can hang with the football moms, it is best to rent for a year and see if you like it.
What properties get snatched up the fastest? Are there any neighborhoods that are more desirable to renters?
Homes that have all the features that one be looking to buy go the quickest. So a rental with hardwood floors, granite counter tops, stainless steel appliances, and open concept go the quickest. Homes that are newer than 2000 also get snatched up the quickest (i.e. no brass fixtures). In Collin County, most people want to rent in the same neighborhoods you would want to buy in such as The Trails and Lonestar in Frisco, Stonebridge and Craig Ranch in McKinney, or a new hot area is Westridge, which sits right between Independence and Custer, just north of Eldorado.
When it comes to location vs. amenities, which usually wins out?
Most of my rental clients are going for location first and the home/community second. They want to be close to highways and jobs. They don’t want to commit to an hour commute just for a rental home. I am constantly surprised by people who will rent a less-than-appealing home in Plano just to be south of 121 when they could get new, better, cheaper just 10 minutes up the road in Frisco or Mckinney. Communities with pools, parks, and amenities are nice to have, but I have not seen them be the deciding factor.
Pegasus News Content partner - Candy's Dirt
- Fire at middle school in Frisco injures two students and a teacher
- Restaurant review: Come to Papa Lopez for decent Mexican food, charming atmosphere
- Stroller stampede: McKinney moms find fitness and friendship
- McKinney fireworks festival rocks all over town
- Graffiti shut down McKinney's new skate park