Buy or Lease is a question that is tossed round often when it comes to making a decision on a major purchase, like buying a car or even a house.  What is the biggest advantage of buying over leasing?  Ownership… Everyone wants this at some point in their lives. Being able to call something your own, gives that added pride and sense of responsibility.

When it comes to the housing market a great number of home owners looking to sell have decided to use leasing as a way to maintain ownership in a dismal market.  The reason for this can be attributed to the downfall in the country’s economy, which has lead to a record number of foreclosures and short-sales in the recent years.  The option to lease has given home owners a chance to “hold” and wait for the market to recover.

For some, leasing is really not an option it is a necessity.  With the down turn in the housing market home owners have progressively been losing value in their property. The ones who can afford to wait, do just that.  For the ones who can’t wait, but don’t want to take the loss on their property, leasing has been that light at the end of the tunnel.

There is definitely much to consider when making the decision to lease or buy. During these times loss in equity, poor credit scores, and stricter guidelines on loan approvals have pushed many towards the words “l-e-a-s-e.”

Cory Spielberg and Doug Cohen will shed more light on the recent leasing epidemic on All Things Real Estate this Sunday morning at 10am on KFNS.

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