Buyer demand for available homes for sale has reached what feels like an all-time high in 2021. The boost in homebuyer activity can be traced to many different driving forces beyond low-interest rates and housing affordability. The pandemic certainly caused a shift in the housing market and more specifically in the lack of available homes for sale. When the available housing supply becomes lower and the demand for homes increases you have the necessary ingredients for a seller's market.
There are many reasons why many renters are giving up their apartments and are buying a home. In this video, we cover some of the most popular reasons renters are buying homes instead of continuing to rent.
- Landlords are giving tenants 30 days' notice to their tenants to vacate so that they can sell the home while the housing market and property values are UP.
- With the lower interest rates available today, you can buy a home and have a payment in many cases that is lower or similar to what you would have to pay for rent. If the payment is similar, wouldn't you rather own than rent.
- The increases for rent is climbing at a near-record pace and when you buy a home on a fixed interest rate mortgage your loan payment stays the same but if you continue to rent you can expect your rent to increase nearly every year,
- The lack of availability of available apartments and homes for rent is alarming.
- Many apartments have issues with noisy neighbors and there are often issues relating to packing your vehicle.
- Many apartments do not offer garages and this can be an issue when it comes to the lack of security, theft, and damage to your car or truck.
- If your apartment doesn't have a garage and you like in a location where there is snow and ice, you will be dealing with the added time for defrosting your car and scraping the snow and ice off of your windshield.
- Most rentals and leases do not allow pets and that can be a challenge for those who love their furry friends.
- Lack of amenities in an apartment is another motivator for people to move out and purchase a home.
- Lack of available yard or outdoor space discourages a lot of tenants from continuing to live in an apartment.
- Most apartments don't have home offices or a private and quiet workspace which makes it more difficult for those who are now required to work from home.
- Most apartments and rentals don't allow you to customize or change the colors or amenities of your apartment.
What is the number one reason why you would want to move out of an apartment or rental and buy a home? If you have a good reason be sure to add a comment down below.
Are you tired of renting and wanting to buy a home in Knox County Ohio? If so, click on the link and check out all of the available homes for sale in Knox Count Ohio here.
Thanks for watching!
The Sam Miller Team of REMAX Stars Realty
710 South Main Street
Mount Vernon, Ohio 43050