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Danielle Ervin's Blog

By Danielle Ervin | Agent in 91709
  • All the talk...... and not the Royal Wedding

    Posted Under: Market Conditions in California, Home Buying in California, Rent vs Buy in California  |  April 29, 2011 2:23 PM  |  490 views  |  No comments

    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 Journal recently quoted a report by Reis, Inc:

    “Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

    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.

     ”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,” says Ken Shuman, Head of Communications at Trulia. “As 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.”

     “Aspiring homeowners should focus their energies on locking down a mortgage markets higher mortgage interest rates will be inevitable.”

    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

    Danielle Ervin

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