Why it Makes Sense to Buy? Rising Rent!

By
Real Estate Agent with Sun Pacific Mortgage & Real Estate

Rising Rent

Why it makes more sense to buy!


Turns out California isn’t the only expensive place to live. Rent is rising all over the country and it only makes the argument to buy more coherent. Why wait to buy when the price of living as a renter is only going to keep rising? According to Jed Kolko, the chief economist for Trulia, “Buying a home is more affordable than renting now in almost every part of the United States”. To help support my argument I found a great article by Les Christie with CNN Money titled “Rents Keep Rising as Home Prices Stagnate”.

Over the past year the housing market has experienced a lot of change! The asking prices for homes have declined .7% while rent has risen 5% according to Trulia. A 5% increase in anything is quite a bit, but when it’s your rent that’s increasing why NOT buy a home?

In many other states you can sometimes find a decent home to rent for about a thousand dollars, maybe a little over like $1100. However now the median price of all types of rental homes has hit $1350 per month when it was $1285 this time last year.

“Several metro areas recorded double digit percentage increases in rental rates.” Here are some of the top changes:

Sarasota, FL  - 12.9% Increase

Miami, FL – 12.1% Increase

San Francisco, CA – 11.1% Increase

Middlesex County, MA – 10.6% Increase

Edison, NJ – 10.5% Increase

 

So what does this tell us? It honestly depends on from where you’re looking. If you’re a seller in the market, it could be very good news that your home will be bought up because it’s affordable to buy NOW. If you’re a real estate agent this could mean you have your work cut out for you in getting people into the right home while the demand is high and the inventory is low. If you’re a renter this could mean it’s time to apply for a home loan and start paying off your home Now.

Rent is astronomical in California and it will continue to rise here in the bay area making purchasing a home the logical choice.

For all your real estate questions and advice come to us at Sun Pacific Mortgage and Real Estate. We’ve been in business since 1988 and know the real estate business inside and out. If it’s the perfect time for you to buy or you’ve been biding your time on the side lines give us a call and we’ll give you a consultation.

For the whole article click this link



 

Lynn Tardibuono – Flipper Chick- Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate.  Serving Sonoma County since 1988.  Her number is (707)523-2099 and you can also visit our redesigned website at http://www.sunpacmortgage.com Also be sure to like us on facebook! Click this link .

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Topic:
Home Buying
Location:
California Sonoma County
Groups:
Diary of a Realtor
100 Percent Realty Bloggers
Abbott and Caserta Realtors
ABR/REBAC
BananaTude
Tags:
selling a home
buying a home
housing market
real estate market
rising rent

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Rainmaker
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Pat Champion
Coldwell Banker Camelot Realty

This seems to be the case in a lot of market areas rising rent prices making one more reason to buy.

April 12, 2012 01:36 PM
Rainer
69,618
Lynn Tardibuono
Sun Pacific Mortgage and Real Estate
Sun Pacific Mortgage & Real Estate

Very true, I heartily agree.

Lynn

April 13, 2012 12:12 PM
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Rainer
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Lynn Tardibuono

Sun Pacific Mortgage and Real Estate
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