There have been a couple of new reports that have come out this week that illustrate why the Rent vs. Buy dilemma shouldn’t even exist right now…
First, updated statistics show that Bay Area rents are at an all-time high and continue to be pushed upward by the improving jobs market as well as left over concern about the housing recession and which direction prices are headed. They’re up about 10% over this time last year.
Then we have news that home prices in the Bay Area hit a four-year high in June. In fact, it is so much a seller’s market right now that some frantic buyers are offering sellers perks of their own such as a vacation or luxury item. Low non-short sale or non-bank owned inventory is resulting in multiple offers and more first time buyers entering the market. The average home price is up about 6% over this time last year.
Of course Real Estate is still a local market and you need to talk to a Real Estate Agent who is knowledgeable about the area you are interested in. It may be more or less impacted by the numbers in these reports. Need more information? Feel free to contact me, I can help!