Be careful, you might become a renter

By Kate Nash

Be Careful You Might Become a Renter Again!

For a while now, the United States citizens have contended with the booming housing market. The sellers’ market raises the wealth of already established homeowners, while high prices keep homeownership out of reach for many Americans. As a result of the housing boom, a new demographic of home renters is emerging: people who could previously afford a home but are now being priced out and left with no option other than to become renters. The market situation has seen most people sell their current homes to purchase their dream homes. However, some find these homes a bit expensive to own, pushing them into temporarily renting as they wait for home prices to cool off.

The home rental trend is associated with the high cost of housing, which forces many people to rent what they can’t afford. Although home prices are sky-high, homes are quickly selling. Demand and pricing have recently been boosted the epidemic. Nevertheless, like so many other things, this was already happening before the pandemic. During the Great Recession, when the housing bubble burst and millions of Americans lost their houses to foreclosure, investors rushed in to buy them at a bargain.

Single-family rentals allow people to live in a home without having to pay the high expense of purchasing one. “There is a supply-and-demand imbalance and, a rental market is an option for individuals who can’t afford to buy homes. Said Kaufman, a real estate specialist. As per Harvard’s Joint Center for Housing Studies, monthly housing expenses are considerably

cheaper for single-family rentals than for home purchases. The average income of families living in those rentals is also lower. Rental prices are rising, but not at the same rate as property prices. In February, home prices increased by 17 percent over the previous year, but single-family rent increased by only 4 percent. Naturally, the higher housing prices of purchased properties bring with them the equity of those residences, which maybe be sold later. One of several indicators pointing to the demise of personal ownership is the development of single-family rentals. People are renting rather than owning anything from music to farm equipment, thanks in part to digitization, giving them less influence over what happens to it.

ABOUT KATE NASH

Kate Nash started in real estate at the age of 16, following in the footsteps of her mom. She joined Team Financial and worked her way through the company as a loan processor, underwriter, notary, and eventually became the broker of the firm.

With over 20 years of experience in the Los Angeles and Orange Counties, she offers unparalleled expertise to her clients. Having lived in both L. A. and Orange County, she is uniquely qualified to understand the struggles of home-ownership within the Southern California real estate market, as an agent, a homeowner, and an investor. Her role as an exceptional Realtor is to guide you through the buying and selling process, making sure you understand every step of the process. She is completely committed to fulfilling the needs of her clients with the highest level of professionalism, expertise, and service.

It is better to buy a home now than wait till later. As cheap as renting a home may seem, buying a home is way much the best option in most ways. The market situation is not promising to shift sooner meaning, you might remain a renter in the next two years may be in the name of ‘waiting for a perfect time to buy. An ideal time to buy is not necessarily determined by the market situation but, rather, by how well prepared you are. Avoid falling victim to renting again since it is not worth it. Despite the high prices, you can still own your home from as little as you have. Wondering how? Go to The Power Is Now Media Inc. where homeownership dreams always come to reality. Kate Nash is a renowned TPIN Media Inc. VIP agent ready to take you through the journey that will save you the setbacks of renting. Alternatively, Eric Lawrence Frazier, the CEO is a reliable real estate professional for you.

ABOUT THE POWER IS NOW MEDIA INC.

The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc. can help make your homeownership dream a reality. Go to www.neverrentagain.com and get started today.

Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor First Bank, NMLS 461807. President and CEO The Power Is Now Media Inc. www.thepowerisnow.com

References

https://www.vox.com/recode/22407667/home-sales-boom-rent-housing-single-family-rental https://fortune.com/2021/11/01/2022-home-prices-will-keep-rising-at-or-near-double-digitspredicts-the-analyst-who-called-the-current-housing-boom/