According to the article, rents have risen approximately 5% while housing prices have declined .7% in the last 12 months. In fact, Trulia economist Jed Kolko says that buying has now become more affordable then renting in nearly every part of the U.S. The cities that have seen the largest rent increases include Sarasota, FL; Miami, FL; San Francisco, CA; Middlesex County, MA; and Edison, NJ. The average home rented for $1285 monthly one year ago and these days costs nearly $100 more at $1350 a month. Some areas have seen nearly double digit rent increases such as Indianapolis where rents rose 9.7% and Columbus, Ohio where they increased 9.3%.
Fortunately, federally-backed programs, record low interest rates and a housing market flooded with motivated sellers offers buyers an ideal opportunity to segue into home ownership. In the Lansing area alone, we have witnessed a noteworthy bounce-back as houses sell faster than we can list them. In the past week, I have twice contacted real estate agents for showings only to discover that the homes were already under contract.
I was so curious about these perceived increases that I asked a fellow Tomie Raines staff member to run a report comparing our sales in March 2012 to 2011. Sure enough the market activity in the Greater Lansing area reveals a 3.2 increase in sales and a whopping 17% increase in average home sale price for 2012.
I personally am working with a lot of current buyers who are searching for everything from homes with acreage to modern condominiums. If you're thinking about selling and would information about your home's market value or the sales activity in your area, please contact me at MyRealtorRob or through email.
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