This is an interesting video courtesy of the Wall Street Journal discussing the economics of buying a home versus renting in today’s real estate market. When housing hit the skids, and the economy was thrown into recession, there has not been a lot of building in the residential segments targeting renters. Home ownership has fallen over the last few years and this has pushed millions of former owners into the lease market as well. The economics of supply and demand are in play and rents are rising. The housing market around the Bay Area has started spring strong and in many areas there are a lot of buyers chasing few homes. As mentioned in the video while many parts of the Bay Area remain expensive there are certain areas where this premise may make a lot of sense. Especially with mortgage rates as low as they are. This spring is certainly a good time to begin looking but be patient. The most affordable homes are receiving multiple offers. If you are considering looking for a new home feel free to contact me and I can set email updates of homes just coming on the market or have had price changes in the areas you desire.
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