Ownership Costs Are Dropping Below Rental Costs!

By
Real Estate Agent with The Diamond Group @ Keller Williams

The recent downturn in the housing market resulted in a drop in rental rates, but rents are back on the rise while the cost of home ownership has dropped.  As average apartment rental rates have slightly decreased, the decline has been moderate in comparison to home values, which have declined in some areas by 30 to 40 percent since the peak of the housing boom.  Lubbock's market isn't so badly scarred but prices are soft and inventory is high!

 For more reasons why now is prime time to buy a home, contact me and I'll send you a free ebook.

Posted by

The Diamond Group of Keller Williams Realty

'A Cut Above The Rest'

4747 S. Loop 289 Suite 110

Lubbock, Texas 79424

 

806.771.HOME (4663)

thediamondgroup@kw.com

www.lubbocktxhomes4sale.com

 

 

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Comments (5)

Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

We're experiencing the same thing in the Houston area.... Rentals are going up!

Jul 11, 2011 10:45 AM
Vickie Slade
Colorado Landmark, Realtors - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On

Elizabeth, same here too.  Can you believe that we have a ZERO vacancy rate in Boulder?  So renters are paying a premium for any rentals they are actually able to find and get rented before someone else.  Home ownership has definitely become more afordable.

Jul 11, 2011 03:38 PM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Hi Maggie, the changes to quailifying to purchase a home did one thing for sure; it lined the landlords pockets better than ever...........not all bad except for homeownership and competitive rents.

Vickie, what does this do for affordable renting?  Homeownership is the way to go, you are right.

Jul 12, 2011 04:40 AM
Eileen Covington
The Charlotte Home Team/Keller Williams - Charlotte, NC
(The Charlotte Home Team)

Elizabeth, in Charlotte we are just about at 99% occupancy and rents are absolutely higher than mortgage payments.  I closed a sale last week to a first time buyer who got a House Charlotte loan at 4.6% and came to the table with $158!  Is this the best buyers market in history or what?

Jul 12, 2011 05:37 AM
'The Diamond Group' 'A Cut Above The Rest'
The Diamond Group @ Keller Williams - Lubbock, TX
Lubbock Texas Real Estate

Amazing Eileen!  Rent and rentals are awful right now and beating up the segment of the economy that can stand it least!  It is the best buyers market ever.  Let's get our unfair share!

Jul 12, 2011 11:13 AM

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