06/07/2022
Is this you? ⬇️🙋♀️
In 2020, you heard that it was a seller's market, so you renewed your lease for one more year.
Then, in 2021, you heard that there might be a market crash, so you decided to wait one more year before breaking up with your landlord.
Now, we're in 2022 and interest rates are rising and you still don't know if it's the right time to buy.
Well, I'll give you the bad news first: the rental market is getting just as competitive for tenants as the housing market has been for buyers! What we saw buyers experience in 2021, renters are experiencing now.
The U.S. median rental price hit its 14th straight month of record-highs, at $1,827 in April, and is on track to eclipse $2,000 by August. According to Realtor.com, renters are feeling the squeeze, with 66.1% reporting that higher rents are the biggest strain on their finances; 76.1% are able to save less each month than a year ago. In fact, 72.1% of surveyed landlords planning to raise rents this year, a higher share than in January (65.1%).
As those rents rise, remember: every time you pay your landlord, you'll never see that money again. When you pay down a mortgage though, it's an investment in your future and you'll eventually see a return on that investment.
Now, I have the good news! Even with interest rates rising, there are great deals to be found on the market that will have you paying less in mortgage than in your monthly rent...as long as you're working with the right real estate agent.
I know where to look to find the right off-market and coming soon properties for you before they hit the MLS and can help you get organized and prepared to put forth a strong and competitive offer.
If you're feeling intimidated by rising rent prices and want to chat through some options, drop me a message and I'd love to connect you with a lender to help you decide if it's time to start the pre-qualification process.
