Buying is now cheaper than renting in the US
The results of the latest Rent vs. Buy Report published by Trulia, shows that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. Of course this requires necessary down payment and closing costs. If you plan on being in an area (other than for a short period of time) it may be worthwhile to look into buying a home.
Since the recent housing bubble and slowdown we have seen home values appreciating, and that is good news for homeowners. Homeowner equity is increasing. CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Meaning risk continues to steadily decline as a result of increasing home prices.
Historically, the choice between renting or buying a home has been a tough decision. According to Pulsenomics study looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Talk to me before you renew your lease again, find out if you can put your housing costs to work by buying this year!
Here’s May 2017’s Monthly Indicators report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
May 2017 Greater Boston Real Estate Market Trends
Sales of single-family detached homes experienced a modest 2.2 percent decline in year-over-years sales in May, as 1,221 homes were sold compared to 1,249 homes sold in May 2016. Despite this softening of sales, this was the fourth highest sales volume on record for the month of May and was comfortably above the historical monthly average of 1,131 homes sold. The condo market had a similar cooling in sales volume as 1,074 units were sold last month, which compared to 1,122 condos sold in May 2016 is a 4.3 percent decrease. This was the sixth highest condo sales volume in May and was also above the historical average sales volume of 1,027 units sold.
- May condo sales DOWN -4.3%
- Median prices UP 8.9% ($525,381)
- Active Listings DOWN -21.1% to 1,774
- Listings added to the market UP 10.5% over last year (1,619 from 1,4865 in 2016)
- May single-family home sales DOWN -2.2%
- Median prices UP 13.1% ($600,000)
- Active Listings DOWN -29.6% to 2,978
- Listings added to the market UP 8.0% over last year (2,280 from 2,111 in 2016)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
When it comes to securing your dream apartment your pet’s resume is just as important as your application. I know it sounds silly, but hey it’s 2017! Providing a pet resume along with your application demonstrates to a landlord that you take pet ownership seriously and will take full responsibility for your pet’s health, behavior, registrations and vaccinations.
Landlords face risks every time they let complete strangers into their income property. They hope it doesn’t end up ruined or seriously damaged. And let’s face it, some pets increase the likelihood. But as you and I know, not all pets pose an equal threat to their property.
Pet resumes may help you overcome any prejudices or previous negative experiences that a landlord may have about pets. Conveying a detailed summary of your pet’s best qualities: whether they’ve been vaccinated, registered or trained, improves your chance of application success. It can turn a pet-tolerant landlord into a pet-friendly one!
What to include in your Pet’s Resume:
- Name of pet
- Description of your pet breed, age, activity level, and temperament
- Photos of your pet
- Characteristics that make your pet suitable for city living
- Something special about your pet’s personality
- Examples of your pet’s good behavior
- Obedience training, include certificates if available
- Flea and external parasite prevention
- Intestinal parasite prevention
- Vaccination status
- How you look after your pet, and how urine/feces are cleaned up and disposed of
- Where your pets will be kept on the property
- References from your veterinarian and pet trainer
- References from previous landlords and/or neighbors
- Microchip and registration
- Pet insurance or health insurance
- Arrangements for taking care of your pets when you are at work or out of town
- If you have multiple animals describe how well they get along, and how they keep each other company when you’re not home