Rent to Own Homes in Tempe
Tempe has built and innovated from its historic past, continuing to create cultural, recreation and entertainment sites that satisfy locals. From the beautiful and exciting shopping venues at Tempe Marketplace to the recreation and education opportunities at Tempe Town Lake, there’s always an abundance of places to learn and play in Tempe.
Buying a Home in Tempe?
Stunning Tempe abounds with beautiful homes, and its robust housing market reflects the city’s desirability. Home prices are on the rise, but at a moderate pace that doesn’t discourage home buyers. In the most recent month of data, the median sold price of a Tempe home rose 3.4 percent to $257,000, while the average price rose just 1 percent to $296,379. The number of completed home sales also jumped by 18.7 percent. Meanwhile, the number of homes being placed on the market dipped by .6 percent, tightening up the inventory very slightly.
Popular Neighborhoods in Tempe?
Alameda Estates is a family favorite for its stellar elementary school and lovely homes with an average selling price of $495,000. Millennials and professionals appreciate the convenience of University Park, where chic loft spaces and large, newer homes with average selling prices of $353,250 give residents terrific access to the university. Couples and families are also drawn to Maple Ash’s older ranch and bungalow homes on large lots at an average price of $333,000. Graystone and Warner Estates are affluent neighborhoods with rural appeal, featuring large homes and average selling prices of $692,500 to $792,500.
Buying vs. Rent to Own Homes?
Buying a home in Tempe’s thriving real estate market can be intimidating, but rent to own homes offer less-stressful entry to the city’s high-priced housing. With rent to own homes, the financial requirements are more lenient, often allowing room for buyers with lower credit scores. The time crunch experienced with traditional home-buying methods is absent too. While buyers still need to negotiate purchase price and other details, the pressure to immediately secure a mortgage and make a big down payment is eliminated. Buyers can move into rent to own homes right away rather than waiting for escrow to close, and they’ll gain the advantage of paying today’s prices instead of tomorrow’s higher values.
Cost of Living in Tempe?
Even with Tempe’s stellar living conditions and prized location, the cost of living in the city is not too steep. Overall, Tempe residents pay about 8 percent more for life’s essentials than the rest of the country. Housing is 23 percent more expensive than the national average, and groceries and transportation cost 2.5 percent and 6 percent more respectively. Balancing those higher costs, healthcare is 1 percent below the national average and utilities are 8 percent less expensive.
With Camelback Mountain as its backdrop, scenic Tempe is full of compelling attractions, inviting homes and peaceful neighborhoods. Homes are rather pricey here, though, with a median selling price of $257,000 that’s well above the national median home price. Neighborhoods here range from lively university communities to peaceful, rural enclaves. The cost of these appealing homes and neighborhoods keeps the overall expense of living in Tempe slightly higher than the national average but well worth the cost.
Summary
With Camelback Mountain as its backdrop, scenic Tempe is full of compelling attractions, inviting homes and peaceful neighborhoods. Homes are rather pricey here, though, with a median selling price of $257,000 that’s well above the national median home price. Neighborhoods here range from lively university communities to peaceful, rural enclaves. The cost of these appealing homes and neighborhoods keeps the overall expense of living in Tempe slightly higher than the national average but well worth the cost.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
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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