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Re-blog: Real Estate Recovery …………. Rent vs. Buying

Reblogger
Real Estate Agent with Thompson Company, REALTORS® 240.593.2860 MD594797

I like sharing good news! This blog by George Souto is excellent news for current and future home owners, not so much for renters though. The Central Maryland rental market is definitely heating up: good properties are renting fast, multiple applications are becoming the rule and choices for single family homes below $2,000 are far and few between. 

Original content by George Souto NMLS #65149

Lately the forecast for Real Estate Recovery has not been very optimistic.  But I believe that we in the Real Estate Industry need to try to find whatever silver lining there may be during this challenging time in our industry.

 

Today I read a report stating that Trulia had reported that “Buying a home fell below renting costs in 74 percent of the country’s 50 largest cities over July, with 12 percent of cities seeing higher price tags for apartments than for houses,” That to me is encouraging, because it may cause Buyers to consider purchasing a home sooner than later.

 

As I wrote earlier this week, mortgage rates and home prices are at the lowest they have been in a long time, but this in its self has not been enough of a reason in most parts of the country, to motivate nervous Buyers to purchase.  If renters are seeing their rents going up, while a monthly mortgage payment for similar size living space is going down, then the decision to purchase should be an easy one.

 

Shelter is not a choice, it is one of our basic needs, and it would make sense to me to provide for that basic need in the most economical way possible.  If the figures provided by Trulia are correct, the best economical decision would be to purchase.

 

It would be great if the news media would report this news more than they have, instead of the doom and gloom that we hear day after day.  There is positive news out there, and if the news media is not going to publicize it and bring it to light, then it is up to us in the Real Estate Industry to let the public know that there are positive signs that can contribute to a Real Estate Recovery.

 

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Who To Call For Your Mortgage Needs In Connecticut:

 

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

Posted by

Andrea Bedard
Thompson Co., REALTORS®

Silver Spring, Maryland
andreabedard.com

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Comments (4)

David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Andrea, thanks for re-blogging, I missed the original one, this is good info.

Aug 18, 2011 01:19 AM
Tom Robinson
Keller Williams Realty Kingstowne/Alexandria, VA Office - Fairfax, VA
Experienced Real Estate, Professional Serving No. VA and DC

I just saw a news report on marketwatch that most Americans could not scrape up $1,000 right now in an emergency. My first thought on that is it makes sense now why alot of people rent rather than buy. They just cannot scrape up the downpayment, or in some cases, qualify for a loan due to credit or employment issues. If we can get past that, I think the real estate market will take off again.

Aug 18, 2011 01:21 AM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Thank you David and Tom, be sure to stop by George's blog, too, and let him know your thoughts!

Tom: I agree, that is definitely the major hurdle. On the other hand to rent a decent property in MD you also have to have good to excellent credit, a low debt-to-income ratio and at least 2 months rent! That can easily add up to 4 or 5K or more depending on the rental!

Aug 18, 2011 01:26 AM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Sometimes the most newsworthy posts come from the lenders!  Thanks for reblogging, I'll check George out more regularly now.

Aug 18, 2011 02:29 AM