Although I must say the Royal Wedding was stunning this morning. Princess Catherine was radiant and the moment she stepped out of the car I did tear up. Perhaps it was because of what it represents... all that is good in the world... LOVE! :)
But that is not why I am writing today... I'm writing because repeatedly I read article after article about rental rates on the rise. I know around here the clients I have helped with a lease have been in situations with multiple and multiple applications. The demand is great right now.
The Wall Street JournalÂ recently quoted a report by Reis, Inc:
â€œExpect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.â€
Renting in the current housing market might not make good financial sense. Just months ago the studies indicated that it was more affordable to own a home than renting in 72% of major US cities. And now...
Just yesterday, Trulia released its second quarter 2011 Rent vs. Buy Index. In the report, they stated that buying a home has become more affordable than renting in nearly four out of five (78%) major cities.
Â â€With home prices nearing a double dip and more foreclosures expected to flood the housing market over the next two years, the decision between renting and buying a home across most of the country has clearly moved in favor of buying,â€ says Ken Shuman, Head of Communications at Trulia. â€œAs we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home, much more so than in previous years.â€
Â â€œAspiring homeowners should focus their energies on locking down a mortgage markets higher mortgage interest rates will be inevitable.â€
There are some incredible homes out there in our local market. If you are considering a purchase and want to know how much you can afford.... just contact me today! I'm happy to help you take the first step.
Helping you build your dreams