Buying Is Now 33.1% Cheaper Than Renting in the USThe results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a
The Markets On Fire With No Extinguisher In Sight
The market has been heating up and properties are starting to sell like wild fire. Even older, stagnant inventory is getting a second, third or fourth look as buyers cull through the limited inventory to find the home of their dreams. We are facing more battles with multiple offers and buyers are coming in over asking price to get the homes they really want. On the same token, we are starting to see appraisals coming in low and sellers not backing down causing buyers to put more money down or lose the house. Sounds scary - it's not!
There is a reason the market is the way it is right now and its still a great time to buy a home. Several factors are driving the current home buying surge, here are the top 3:
The return of the move-up buyer
Millennials entering the buyer pool
Boomerang buyers who lost homes to foreclosure or did short sales in the past coming back to the market
So while its getting hot outside (literally and figuratively) its a good thing and no reason to step back from the market! You just want to make sure you are prepared for the reality that most neighborhoods have swung to a seller's market.