Rents Skyrocketing & not coming down Any time soon
In 20 years as a Realtor, I’ve NEVER seen a better time to Stop Renting & Buy a Home!
Don’t take my word for it. Here’s what the experts have to say…
OC Register 10/12 & 10/16 “OC Rents keep upward push” & “Average Rent Hits Record”; apartment rents rose another 3.3% over last year, for an average increase of $57/month and vacancy rates dropped to 4.3%. Average monthly rents have been steadily increasing for the past 4 years (about 18% = $273/month). This average monthly rent is expected to hit $1800 by 2016. Some areas of the OC have 8-9% increases; Cypress, Irvine, Newport and others. Renters in Los Angeles are paying 48% of their income for shelter. Topping it all off, Builders are not keeping up with the demand, and there doesn’t appear to be any relief in sight.
Interest Rates Surprise everyone Again!
In another very, unexpected turn of events, interest rates came DOWN a few days ago.
Check out the wild effects of last week’s stock market debacle in our last blog post (written on 10/15/14)
But I missed the big 30% appreciations last year
This is not the end of the world nor is it the end of appreciation. Home prices generally run in 7-8 year cycles and we are only 1 ½ years into this one. So STOP crying over spilled milk and get in NOW, before you really miss out. If you’re waiting for prices to go back down to where they were, you might as well just take what you have saved to Vegas now.
Do whatever you can to get out of that rental and start building wealth with you own home, TODAY!