Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Thursday, January 12, 2012
Cheaper to buy than to rent? Just about...
With interest rates down to 3.85%, it may be cheaper to buy -- yes, including property taxes and insurance -- than it is to rent. Some clients of mine have made an offer on a $525k home. They are putting 20% down, and their lender has given them a rate of 3.85% with no points. Unheard of. Their lender's estimate showed that their monthly nut, including property taxes and insurance, will be $2500 plus change. This is for a redone 3+2 with a separate studio! Considering that barely decent 2 bedroom homes are renting for around $2k, could the housing market turn around this spring?
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