Should you rent or own? With a rental shortage in most markets, rents are up. With the economy on the upswing, most forecasts are for the rental market to tighten.
With low interest rates, mortgage payments are slightly higher or equal to monthly rental payments. Supply is low, demand is high. Rents will continue to increase. The XY generation still holds to traditional home ownership.
The melinnial generation is on the move with no confidence in traditional values. The baby boomers are leaving the job market in droves. With retirement on the horizon, the boomers are either down sizing or paying off their homes.
This leaves room for a new generation of home buyers. However time is short. Home prices were up in 2013 by 7.7%. The forecast for 2014 is for home prices to drop 4.8%. With mortgage rates at 4.25% and the Fed pulling out of the market, interest rates will increase.
NOW is the time to buy! The market is increasingly becoming a seller’s market. There are still some bargains but, they are drying up quickly.
To buy or not to buy, that is the question. BUY, BUY, BUY, that is the answer!!