Real estate experts say purchasing is better than renting in current climate

DELMARVA. – Local realtors spoke to WMDT about how the current real estate market looks. Take your time if you’re considering the jump to homeownership.

That’s what Worthington Realty Broker Stacie Walsh thinks people should do. “Right now, people, I think, are waiting for that rate drop everyone is talking about.”

Those interest rate drops are expected in September. This will probably appeal to people across Delmarva looking for an additional living space, regardless of purchasing or renting.

Stacie feels things have improved since the pandemic in 2020. “If you remember back post-COVID, home prices skyrocketed, so people sold their houses just to make money.”

Stacie, though, doesn’t believe renting is the best option right now. “It’s almost worth it to purchase instead of rent,” said Walsh.

One of her colleagues, Gillian Walsh, agrees. She said in her work with a client recently, she realized renting puts people in a better financial place.

“Supposed to be a rental client, and I got her to purchase because we started looking at rentals, and the prices realizing that she qualified to purchase a home because her mortgage ended up cheaper than what her rental was going to be for the home.”

They both believe that equity is massive. “And then you’re not paying down someone else’s mortgage; you’re working with your own equity into a property.”

That equity could be used to secure major home improvement projects, debt consolidation, purchasing a second home, and funds for emergencies.

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