Access the Buy vs. Rent search portal here.
As home sales drop to an 8 year low, HotPads.com has launched the industry's first Buy vs. Rent search portal. Housing Shoppers will be able to search homes for sale and for rent simultaneously using estimated monthly cost, allowing them to see exactly what they can afford to buy and rent.
Everyone knows we are in the midst of a down housing market. Things are getting difficult for both real estate professionals and owners. But, the real estate market is going to recover. The question is, when?...
And this is why these times can be difficult for those potential first-time buyers out there.
Purchasing a home is always an important decision, but it is particularly nerve-wracking when there are market uncertainties. With the launch of this search technology, HotPads helps housing shoppers decide whether renting or buying is right for them while assisting them in finding their perfect home. Now HotPads users can see immediately what they can afford in both scenarios and are given the tools necessary to make a sound financial decision.
Users can adjust the mortgage terms so each Buy vs. Rent search is customizable to the individual. For more information, read more about our mortgage calculator.
How It Works
There are now three search portals within HotPads; For Sale, For Rent, and Buy vs. Rent. When users click the Buy vs. Rent tab above the map, both For Sale and For Rent listings are returned in the search results on the map. For Sale listings have a monthly cost associated with them that take mortgage payments including interest rate, down payment, and term length into account. As users adjust their pricing criteria on the map, homes for sale and rent appear and disappear respectively. This allows users to see exactly what properties they can afford to buy and rent.
Why this is Important
This is the first time housing shoppers can see what they can afford to buy and what they can afford to rent... and using our map-based search engine, where. Also, in a down market, first-time home buyers can help fuel a housing recovery. First-time buyers do not have to risk an equity loss by selling their existing home so they are more free to take advantage of declining real estate prices.