My answer is simple. Apartment vacancy rates are now at an all-time low. That’s no surprise because a lot of people are renting. When apartments are full, rent costs are at a premium. The laws of supply and demand take effect.
When looking at the single-family residential homes, demand is down – and therefore, so are prices. Couple that with 30 year mortgages at record lows you have a strong argument to now being the right time to buy.
Since my answer to everything is buy low and sell high, I can’t think of a better time to buy a home. If you have a home to sell, unfortunately it’s not great timing, but I’m confident this will turn around in the near future, so be patient.
If you are ready to buy or sell a home (or maybe both), I would love to meet with you and crunch the numbers to understand what your options are. Just give me a call – I’m here to help!