Just What We Need - Increasing Competition For Our Home Buyers

William--Fortunately for us, we are not experiencing a drastic uptick on rents yet...it seems the extremes are saved for the coasts. Rents are up so young people are attempting to buy starter homes with some success but in many cases multiple offers. We do have some affordable, liveable properties in outlying communities but balance across the country still is necessary.

I work with a lot of investors.  It is a shame that many people are being shut out when it is a good time to buy, but investors are only doing what investors do - following the profits.

William,

This has been great discussion here and I agree with so many.  It is ironic how many thought their mortgages were too high and now rents are bad.  When they can finally buy again housing prices will be higher as well.  It's like hitting red light after red light. 

By the way, just saw the article featuring you in my Realtor Magazine.  Congratulations!!!!  Well done!

Hi William, thoughtful post.  With all the problems our capital system has, I believe it still has great ability to balance itself out eventually.

We are doing well with our Investor purchases, but are pained for our Home Buyers as the choices are thin and these Buyers are often beat out by the Cash Buying Investor.

We have noticed a lack of rentals in the last 90 days in our area.  Joy

William congrats on the feature.  Here we are seeing a big increase in rents as well and it is making it increasingly harder for people who are losing their homes to foreclosures to find affordable rentals. 

William, I dont think that we have that much to worry about.  Many of the larger investor groups are building apartment buildings as fast as they can which will keep overall rents down in the single family rental homes. As this supply of new rental properties comes on the market it will likely drive rents down in other areas such as single family homes, then smaller investors who own single family homes will start to put many of these back on the market in time for homebuyers to start purchasing again as their credit improves.

William ~  I think that you raise some valid points.  It is a bit too soon to know how things will go... and yes, some will do better than others.. I hope that there is some balance at the end of the day.

William,  We have so few rentals available here, it is uncanny!  It has become cheaper for people to buy than to rent now.  I never thought I'd see this turn of events again but, it does make you feel sorry for those who need the cheap rent to even have a place to live.

Hi William, we have the same problem in Boca Raton, Florida area. Rents are going so high

people are going else where to find something less expensive. We do a lot of seasonal rentals

for snowbirds, which causes a dilemma also, since most Homeowners Associations allow

only one rental per year, and since they come January to April or May it creates a problem. They do pay more for a shorter time, so the landlord is happy.

Willliam, well written post and thought provoking - I've enjoyed reading the discussion. I'm also here to wish you a belated Happy Birthday. ( at least I think it's belated...Sunday?)  At any rate, I hope it was a fabulous celebration.

William,

So glad this post was featured, it deserved it.  HAPPY BIRTHDAY,  A

Good morning, William.  I am watching for your special Memorial Day post.

I always enjoy your photographs.

William historically when rental rates get out of site it helps the real estate market because 1st time buyers are more likely to purchase a home than continue renting.

Hi William - excellent post about the rental market. The housing inventory in many areas that I work in, for sale are low.

I bought my first home in 1987 because rent in my city was going up over $1000/month for my tiny apartment. At that point I decided it made more sense to buy and stop pouring money down the drain paying someone else's mortgage.

William:

Even though some buyer are reluctant to get into the market, and others are sick of the real estate market, I do think that the American dream of home ownership is still there.  We have to be patient for the market to calm down and short sales and foreclosures to go away.

Wishing you a fantastic weekend ahead, William!

I think that balance will return. People have short memories.