" Similarly the US economic growth and expansion have continued for 10 years. And while many former renters have moved on to buy their own home, many more cannot afford the downpayment or qualify for a mortgage. Some would never buy a home due to the outrageous prices, fees, and borrowing costs. These are the people who drive rent prices up each month."
Just this week we have leased 4 properties at market and above market prices. They are all in very good areas and leased from $1100-$1350 a month. The only thing I would question on the previous paragraph is borrowing costs, that is really not all that much. I think it is the credit scores that effect the home buyers potential cost to purchase.
We notice a lot of student and medical debt, that is usually the issue on someone purchasing a home or leasing it. A lot of people never understood the previous health care market and quickly found out not all was covered when you work for a living. So they received large bills from their medical visits and are paying them off.
"It would appears there is so much latent demand in the US economy, that prices will be difficult to suppress. The question regarding the housing market is if there are sufficient homes available to be listed this fall. Without home listings, people will have to continue renting."
I have been mentioning this for the last 3 years, housing inventory will be a issue. There are simply not enough real estate for people to buy. With the investing and Airbnb, real estate inventory is getting spread thin. Also the lack of new builds during 2006-2016 really made the inventory very tight and it will take years to catch up.
With the prices of homes going up and the lack of inventory income real estate will stay in high demand for some time to come.
Need real estate for yourself or for your portfolio? Call me I'm Brett 216-703-5740 ICON Agent 2 years in a row with EXP Realty. I can get all your real estate needs done!
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Thank you