In a real estate market flooded with foreclosures, one would think that rental prices have decreased. Not so. In fact, the opposite is true. The average rental price in 2010 increased by 11.6% according to HOT PADS. The bottom line is that the increase of foreclosures in 2010 yielded a surplus of renters. It is not a renters market.
While the average rental price increased by 11.6% in 2010, the average home price decreased by 9.8%.
Home buying has never been more affordable. In fact, the rate of home construction is the lowest since before the Second World War.
There will never be a better time to buy.
For information on becoming a homeowner in 2011, contact Hope Dorn with ERA Wilder Realty at (803) 944-9544. Let’s get started!
Great article. What most people dont realize is that you are paying a mortgage whether you are buying a home or renting it. The difference is whether its yours or your landlords.
ReplyDeleteAnd that doesnt even take into account all the tax advantages there are to buying....