Rent to Own Homes in Peoria
Peoria has a knack for re-inventing itself. Much of the Peoria town site and business district burned in 1917, but the city rebuilt and began growing faster than ever. Nearly a century later, between 1990 and 2000, Peoria was one of the fastest growing cities in the nation. Today, its focus is on renewing historic old Peoria City and filling in vacant land responsibly, after having gained the Challenger Space Center of Arizona and building the Peoria Sports Complex that is the spring training site for the Seattle Mariners and San Diego Padres.
Buying a Home in Peoria?
Peoria home values have increased 4.2 percent to $427,300 in average, and they’re selling slightly faster than last year, too, staying on the market about 100 days after listing. The price per square foot has stayed fairly flat in the last year, hovering in the $120 per square foot range. The number of foreclosures has dropped by 11 percent during the same time period, although the city still has 460 properties that are in the foreclosure process. The median price of a foreclosed home is $165,000.
Popular Neighborhoods in Peoria?
Peoria offers some terrific neighborhoods, and the area around North 107th Ave is a favorite. The Blackstone Country Club, Trilogy Gold Club and dozens of shops and restaurants are just a quick drive away. The area has mostly 3- and 4-bedroom homes and a wide variety of townhouses and apartments. The median home price is $306,558. Families love the safety, friendliness and convenient freeway access of Westgreen Estates so much that the population has jumped nearly 3 percent in recent months. A home in Westgreen Estates has a median price of $161,049. Affluent families also delight in the area around 99th Avenue, for its outstanding schools, low crime rate and median home price of $587,689.
Buying vs. Rent to Own Homes?
There are plenty of differences between traditional home buying and rent-to-own arrangements, and many of them benefit buyers. Unlike conventional purchases, rent to own homes don’t need an immediate down payment or mortgage. Instead, buyers pay monthly rent and a one-time option fee. This gives the buyer the chance to move into the home right away, yet gain some time to continue to save for a down payment and improve credit ratings. There’s also a price advantage in markets where prices are rising because buyers pay today’s home rate in tomorrow’s higher market.
Cost of Living in Peoria?
In spite of local housing expenses costing 19 percent above the national average, most necessities in Peoria are affordable and below the country’s average. Groceries are just a tiny 2 percent more expensive, but healthcare is 1 percent cheaper, and utilities are 8 percent less expensive than in the rest of the nation. As a whole, Peoria residents will spend 7 percent more on living costs than the national average.
Gleaming with shiny new sports complexes and performing arts centers, Peoria is a shining example of how to create city-building developments that enrich citizens’ lives. Noting all of Peoria’s many benefits, Money magazine named Peoria to its “Top 100 Places to Live” in the U.S.. Those special town features also extend to the city’s appealing homes, safe neighborhoods and abundant local activities. While home prices are rising, much of Peoria remains affordable, and that mix of costs is reflected in the city’s cost of living that’s 7 percent above the national average.
Summary
Gleaming with shiny new sports complexes and performing arts centers, Peoria is a shining example of how to create city-building developments that enrich citizens’ lives. Noting all of Peoria’s many benefits, Money magazine named Peoria to its “Top 100 Places to Live” in the U.S.. Those special town features also extend to the city’s appealing homes, safe neighborhoods and abundant local activities. While home prices are rising, much of Peoria remains affordable, and that mix of costs is reflected in the city’s cost of living that’s 7 percent above the national average.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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