There has been a lot of buzz in the media lately about skyrocketing rents here in Southern California and how they are affecting today’s families. The fact is rents are starting to overcome mortgage payments (for comparable properties), and this isn’t just a local trend. Nationwide rental vacancies are at historic lows of 5.2%. Whether its $100,000 or $1,000,000, the affects appear to be the case at every level of the housing market.
The main reason for this high demand on rental properties is the housing crisis and tight lending restrictions. Many people have lost their homes and/or blemished their credit to the point where they cannot buy a home today.
Many of these people have vowed to get back into their own home as soon as possible. So in many cases they are downsizing considerably to save money and repair their credit. They know that the current level of home prices and historic interest rates are NOT going to last forever.
All of this equates to GREAT News for investors. “There has NEVER been a better time to invest at ANY Level of the Real Estate Market”, says Blake Vartanian (a 30 year veteran in the industry). Even Warren Buffet says it’s a fabulous time to buy. Those very same historically low interest rates, coupled with the depressed values of today’s homes prices and some of the highest rents ever, make this one of the MOST OPPORTUNE TIMES EVER to invest in real estate.
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