Rent to Own Homes in Springfield
Many Springfield and West Springfield industries benefit from that broad educational offering, with locals working for biotech, health services, manufacturing and trade and transportation companies. There are also a number of other notable businesses in Springfield’s mature economy, from the American Hockey League to Merriam-Webster. For many years, the local economy also benefited from the Springfield Armory.
Buying a Home in Springfield?
Real estate in Springfield and all of Hampden County is on a upswing, with the volume of home sales up a notable 22.1 percent. While the median price is down a tiny .7 percent to $182,500, the average price is up almost 10 percent to $212,172. This trend of rising sales and slipping median prices is consistent with results in all of Pioneer Valley’s counties. The number of foreclosures in the area rose 10 percent in the last year, but the area’s 649 distressed properties may offer buyers lower prices with the median of a foreclosed home costing $98,526.
Popular Neighborhoods in Springfield?
Families, couples and retirees enjoy the charming Post World War II ranch homes along the quiet streets of East Springfield. With a median home price of $128,062, homes in East Springfield are affordable and put families in range of several parks and the Delta Hills Conservation Area. More established families appreciate the regal lines of the Victorian garden district homes and the nearby Historic District’s architecturally beautiful homes. The median home price in Forest Park is $119,680. Adjacent East Forest Park is equally attractive with 3- and 4-bedroom homes built in the middle of the 19th century and offering a median home price of $159,054.
Buying vs. Rent to Own Homes?
Many buyers forget that there are excellent alternatives to purchasing a home the conventional way. With conventional purchases, buyers pony up a big down payment right away and get to work applying for mortgages and dealing with all of the related paperwork. On the other hand, rent to own homes don’t require an initial down payment, instead calling for a smaller option fee that is credited to the final down payment. This saves buyers money, gives them time to work for a higher credit score and save for a bigger down payment.
Cost of Living in Springfield?
Housing in Springfield is uniquely affordable, costing locals just 77 percent of the national average. Other individual expense categories aren’t so economical, with transportation at 6 percent higher than the national average and groceries and utilities 12 to 16 percent more expensive. Healthcare is even more expensive at 22 percent greater than the country’s average. Fortunately, these costs and savings balance out to give Springfield residents a cost of living that is nearly equal to the nation’s average.
Springfield is known as a city of firsts: the first Springfield in the New World, the origin of basketball, the first witch trial, the first American-made automobile, the site of the founding of Campfire Girls and 46 other notable firsts. These innovations highlight Springfield’s creativity and quest for learning, and that spirit continues today as part of the Knowledge Corridor. Homes are historic and comfortable here, and neighborhoods are unique and interesting. Springfield homes are affordable as is the overall cost of living, just more reason to revel in all that makes Springfield unique.
Summary
Springfield is known as a city of firsts: the first Springfield in the New World, the origin of basketball, the first witch trial, the first American-made automobile, the site of the founding of Campfire Girls and 46 other notable firsts. These innovations highlight Springfield’s creativity and quest for learning, and that spirit continues today as part of the Knowledge Corridor. Homes are historic and comfortable here, and neighborhoods are unique and interesting. Springfield homes are affordable as is the overall cost of living, just more reason to revel in all that makes Springfield unique.
Rent to Own Realtors
You can plan a party without an event planner, you can go swimming without a lifeguard, and you can rent to own without a realtor.
That’s important because there isn’t as much money for realtors in rent to own deals as in traditional sales. Therefore, finding a realtor to help you is rare.
While the listed activities might be easier with a professional, they’re all possible without one. To successfully rent to own without a realtor learn all you can about it.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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