Buy or Rent? (Charleston, Mount Pleasant: lease, how much, house)

[Catgirl]

What's the current feel on the housing market in Charleston? If it's any similar to where we're coming from then...
Would it be wise to rent for a while until we get to know the area, also see what's happening with the prices or do we buy a house we like when we move there?

[DJShymansky]

Most experts are stating that the Charleston market has already hit the floor and is on it's rebound. We are seeing a -ton- of buyer activity and showings across the board and there have been a large number of closings in recent months, I'd be happy to e-mail you any MLS market statistics you'd like for the area. There are fantastic deals to be had in the Mount Pleasant areas, but it's all about doing what makes you feel comfortable.

If renting and getting to know the area first would serve you better, then by all means do that. Just try and grab a 6 month or shorter term lease, in case you fall in love with something while you're out looking during that time.

[GoBuckeyes]

We ended up having to rent here and I'm glad we did. It's allowed us to get a feel for where we want to live if we decide to stay here. We'll see how miserable the summers are. 93 tomorrow and it's early June....yikes!

[Catgirl]

Having survirved two summers in the Middle East I don't think I will ever complain that anything under 120 is soo hot
My husband is not keen on renting and we're not looking for an inverstment, just a family home so I'm glad that the housing market is not as unstable as the one here in London.

[PalmettoGuy]

Whether you should rent or buy also depends on how long you plan to stay. If you are only going to be in the home a year or two, it's unlikely it will appreciate enough to exceed the costs associated with buying, maintaining, and selling the home.

[Captain Ed]

Check out this cool tool from the NY Times: http://www.nytimes.com/2007/04/10/bu...T_GRAPHIC.html

[Annabelle]

Excellent website!! This is very, very helpful in helping to determine whether to rent or buy.
Thanks!

[todseyah]

Originally Posted by PalmettoGuy

Whether you should rent or buy also depends on how long you plan to stay. If you are only going to be in the home a year or two, it's unlikely it will appreciate enough to exceed the costs associated with buying, maintaining, and selling the home.

Excellent advice. We're a military/DOD family so renting is the way to go for us no matter how much we would like to own.

[emilybh]

Originally Posted by Captain Ed

Check out this cool tool from the NY Times: http://www.nytimes.com/2007/04/10/bu...T_GRAPHIC.html

Sure is! THANKS! Looks like it will be a while before buying makes more sense than renting - no matter what you pay for rent. This is especially true the more expensive a home you are thinking about buying (as long as the market is going down or staying flat or even appreciating very slowly).