What's your home's story?

Plus, the rent vs. buy debate and disappearing bidding wars

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  July 30, 2022 | Issue #53

Good morning! This week we're talking about old homes, bidding wars and The Godfather. This issue of Money Moves was written by Aly J. Yale. You and me got a whole lotta history Eddie Lee for Money Eyeing an older home? Take that "built in" date with a grain of salt. Apparently, those tend to be just placeholders on historic properties — and, in many cases, the houses are actually much, much older. Nick Weith and Damien Mordecai's New York home is the perfect example. The property was "built in 1940," according to the listing, but in reality? It was actually constructed in the 1870s. It sounds like an innocuous error, but having an accurate idea of your home's history can be incredibly valuable. It can alert you to potential hazards and help you gauge the costs it might take to renovate the place. It can clue you into what materials to use or when repairs may be necessary. You might even discover a famous resident or historic event that took place on the property (like Weith and Mordecai did!). The point: If you live in an older home, take the time to dig into its history. You won't regret it. For more: Why It Pays to Research a Home's History Before Buying Moving soon: Homebuyers Are Fleeing These 10 Cities — Here's Where They Want to Move Now To rent or to buy? It depends on where you live Both home prices and rents have been skyrocketing, but despite the hikes, renting is still the more affordable choice — nationally speaking, at least. According to Realtor.com, the national median rent hit almost $1,900 last month. Starter home costs? Those were $561 higher. In fact, in 75% of the country's 50 biggest housing markets, rents were more affordable than starter homes. (That's up from 48% in January). There are exceptions, of course. In Pittsburgh, Pennsylvania, for example, buying wins out by a mile: There, you'll pay $522 more per month to rent than buy. In Birmingham, Alabama, the difference is $377. Here's a look at the top cities for renting: And for buying: The buying vs. renting breakdown: 10 Cities Where Renting Is Much Cheaper Than Buying a Starter Home Where to get the cash: 5 Creative Ways to Afford a Down Payment as Home Prices Soar Bye-bye, bidding wars Money: Shutterstock Bidding wars have been the norm for just about every buyer since mid-2020. At one point, a whopping 7 in 10 homebuyers were up against competition — inevitably driving up the price (not to mention the stakes) in an already stressful process. But now, the housing market cooldown is in full effect. And bidding wars are all but "disappearing," as Money reporter Sarah Hansen wrote in a recent story. In fact, according to real estate brokerage Redfin, less than half of all buyers faced a bidding war in June — the lowest share since May 2020. In some cities, that number dropped to 32%. The news is good for hopeful buyers, but it's also a double-edged sword of sorts. While fewer competing bidders is certainly nice, the conditions that are driving those competitors out (read: higher mortgage rates and skyrocketing home prices) definitely aren't. Make them a ($50) offer they can't refuse Courtesy of Airbnb and Marc McAndrews Movie buffs, take note: The Godfather house is now on Airbnb. The Corleones' not-so-humble abode is officially up for rent, and it comes with all the trappings a proper crime family could ask for — five bedrooms, a massive pool, a pub, a gym, an outdoor kitchen and a fully outfitted game room. Plus, the Staten Island stay is a mere $50 a night…as long as you're willing to hang around for an entire whole month. It adds up, but even at a full 30 days, your bill would only come to a mere $1,500. That won't even cover the median studio rent in the area, let alone the mortgage for movie-famous manse that last sold at $2.4 million. Not saying I wouldn't jump at the chance if I could, but the price point does raise some questions. Let's just hope there's no horse head included. Happy hunting, P.S. Spot a weird or unique home listing? Share it with me on Twitter, where I'm @alyjwriter, or via email at alyjyale@gmail.com. P.P.S. Have a friend who loves real estate or is looking for a home of their own? Please forward them this email or send them to the Money Moves subscription page. Money's Essential Home Buying Resources: Summer 2022 On the hunt? Check out Money's Mortgage Calculator, list of The Best Mortgage Lenders and look at the latest mortgage rates. Thinking of refinancing? Our list of The Best Mortgage Refinance Companies can help. You can also use our Mortgage Refinance Calculator or these refi tips. Key question: How much house can I afford?

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