Rising Rents helping to Change the Housing Market
Home sales are predicted to rise this Spring in many cities with the sudden rise in rent prices making home ownership cheaper than renting.
With the housing crisis of the last few years driving consumers to rent instead of purchasing homes, the demand is far outweighing the supply of rental properties.
Although unemployment is improving and banks are loosening their credit standards, nearly 8% of contracts fall apart before closing due to borrowers being able to meet tight credit requirements.
Distressed sales consisting of both foreclosures and short sales make up about 35% of the sales nationwide, holding the values down, although overall the market seems to be trending upward unevenly.
It definitely is the time for buyers to get off the fence and buy as this buyers market begins to change for the first time in years.
Posted at 07:39AM Mar 27, 2012 by Kathy T Willis in Real Estate | Comments[0]
