Rent to Own Homes in Sunnyvale
Aside from Sunnyvale’s considerable industries, the city offers its Santa Clara area residents countless activities and entertainment. From exploring Sunnyvale Heritage Park Museum to browsing through the Sunnyvale Public Library at the Sunnyvale Civic Center area, there’s plenty to do in the region. There are also new Sunnyvale developments, including exciting new mixed-use projects that combine living, working and playing near the Sunnyvale Town Center area.
Buying a Home in Sunnyvale?
Reflecting the city’s preferred location, median home prices in Sunnyvale have escalated 23.6 percent over the past year, reaching $1.52 million, and condo prices have increased 22.4 percent to $840,000. Homes are selling quickly and competitively, as well, speeding up sales by 42 to 45 percent over last year. Single family homes last just 11 days on the market, and condos are even more in demand at just 9 days on the market. Both houses and condos are selling for more than the original listing price, with single family homes selling for 15 percent above list price and condos 13 percent more than the asking price.
Popular Neighborhoods in Sunnyvale?
Young and not-so-young professionals appreciate the convenience and social opportunities of living in the Downtown/Heritage District. The neighborhood features vintage bungalows as well as apartments and town houses in new developments like Solstice. Homes in the area have an average selling price of $1.09 million. Locals who want to live among mid-century modern homes designed by Joseph Eichler, the Fairbrae and Rancho Verde neighborhoods are ideal, offering homes of varying sizes, from atrium to courtyard models. Local amenities are nearby, as is a private swim and tennis club. Cherry Orchard is another nice neighborhood for families and couples, offering more contemporary homes and proximity to Las Palmas Park, shopping and the new Apple and LinkedIn facilities,
Buying vs. Rent to Own Homes?
With the city’s expensive home prices, buying into the swiftly moving Sunnyvale market can be tough. Rent to own homes help alleviate some of those concerns, giving buyers extra time to coordinate a more substantial down payment while locking in a price today. Unlike conventional home purchases that prevent buyers from moving into the home pending escrow closing, rent to own homes allow buyers to move in immediately. Most rent-to-own contracts last for one to three years, allowing buyers the time to settle into their new homes while paying towards a down payment and eventual purchase.
Cost of Living in Sunnyvale?
Unsurprisingly, with plenty of million-dollar homes gracing Sunnyvale’s market, housing is the biggest expense for area residents. In fact, local housing costs more than five times more than the national average. These significantly elevated prices are somewhat balanced by other living expenses that aren’t quite so high. Utilities are 24 percent more than the national average, groceries are 18 percent higher, and healthcare and transportation are 13 to 14 percent more expensive than in the rest of the nation. The overall cost of living in Sunnyvale is 2.5 times more than the country’s average.
One of California’s safest cities, Sunnyvale often ranks as one of the nation’s best cities to raise children. Its neighborhoods are clean and friendly; its homes range from historic to new, and its residents are often highly educated and well-employed. Homes and condos are expensive here, though, and those high costs are reflected in a fairly high cost of living.
Summary
One of California’s safest cities, Sunnyvale often ranks as one of the nation’s best cities to raise children. Its neighborhoods are clean and friendly; its homes range from historic to new, and its residents are often highly educated and well-employed. Homes and condos are expensive here, though, and those high costs are reflected in a fairly high cost of living.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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