Survey Indicates Renters Are More Optimistic About Buying

Renters in today’s market may have seen the value of their parent’s homes sky rocket, then deplete, or they most likely know someone who’s home is up for foreclosure. According to a survey done by the PulteGroup, The hope of home ownership is still in the air for many who rent and want to buy. Survey results showed that 60% of renters who said they would like to buy a home in the future have increased their intent to buy a home in comparison to a year ago. 61% of those folks also said they planned to purchase a home within the next two years.
When asked if they thought buying a home was a good investment, 44% of those poled said yes. According to Builderonline.com, the PulteGroup’s responded to the overall survey results with “We are seeing a renewed sense of optimism, especially from young professionals and young families visiting our communities nationwide,” Deborah Meyer, PulteGroup senior vice president. Many factors went into this survey and interestingly enough the pole also found that just over 1/4 of those poled believe that renting is cheaper than buying, and a little shy of a quarter are still worried about a stable job. For more information on Rentals and For Sale listings in the area, visit Craigslist.

Zillow Reports Rentals Continue to Outshine Housing Market

According to Zillow’s Real Estate Market Report in February, the median price in rent had risen 2% since February 2011, and home values had continued to fall, dropping 4.5% during the same time period. Zillow’s Rent Index illustrated that the year over year gains for an estimated 68% of metropolitan markets measured by the ZRI, and only 8% of metro areas covered by the Zillow Home Value Indexsaw home values rise.

Seattle Rental in the Leschi Neighborhood

Today’s rental market is continuing to heat up, with an emphasis on areas where home values have consistently been declining. Foreclosures have been at the forefront in keeping home values down, with foreclosure re-sales making up an  estimated 20.3% of all sales in the month of February. Zillow experts have said that we’ve made it through the worst of the housing market recession, but with the enormous inventory of foreclosures and unemployment are all still factors to overcome on the rise to recovery. For more information on rental listings in the Seattle area, visit Ewing & Clark and Craigslist.

Up and Coming Neighborhood for Renters & Buyers: Atlantic

The Atlantic neighborhood in Seattle, nestled in between Beacon Hill and Mt Baker is gaining popularity with younger home buyers and renters in recent months due to it’s convenient location, and up and coming amenities.

Not even five years ago, we remember when this neighborhood was experiencing mass redevelopment and construction of the 2nd I-90 bridge, leaving the Atlantic area is rubble, covered in a film of dirt. Left in the midst was abandoned housing, sky high dirt mounds and 23rd Ave S was closed to traffic for quite a stretch. Today the neighborhood is home to trendy bars and restaurants like Dallas BBQ Soul Food & Catering and Farestart Cafe, has a light rail stop, is in close proximity to downtown and the Eastside, and has several trails for bikers and runners; even has it’s own dog park! The neighborhood started looking promising to buyers and renters a decade ago and today affordable pricing plays a huge role in the deciding factor.  According to the Seattle Times, in February this year the median value of all single family homes in the area was estimated at $284,200, down 2.2% from the previous year. The median cost of rent in the neighborhood for a single family home was estimated at $1,674/mo, while apartments were estimated at $1,521/mo; up from the previous year, but significantly less than other areas around the city. If you’d like more information on for sale listings around the area visit Ewing & Clark, or find rentals around the neighborhood here.

Madison Park Rental - Available for $2,375 a Month

The Madison Park neighborhood is praised for it's beautiful waterfront homes, views of the NW mountain ranges and short distance to several neighborhood amenities and parks. If you’re looking for a waterfront property to rent in the Seattle area, this gorgeous corner unit next to Madison Park beach and park is now up for grabs! This two bedroom one and a half bath unit is near several shops and restaurants in the area, including the Madison Park Conservatory, The Attic and Cactus eateries. The Madison Park neighborhood is said to be one of the best to live in around Seattle and if you’d like more information regarding this waterfront rental, please contact Ewing and Clark East.

Rent Continues to Rise as Home Prices Take a Dip

Remember the days when renting was cheaper than buying? While rental rates continue to soar, in many states across the country, home prices are starting to level off. According to CNN Money, home prices have declined 0.7% over the past 12 months, and the median rent for all types of homes was set at $1,350/mo in March. Several metro areas are raising their rents into the double digits across the nation. For example, in Sarasota, FL the average rent rose 12.9% year-over-year,  making it the largest jump out of the 100 largest metro areas according to real estate site, Trulia.
Metro neighborhoods where prices skyrocketed were able to do so because of a few similar factors, including a rising demand for a limited supply of rental units. The overall national vacancy rate for apartment complexes, fell 0.3% during the first quarter, dropping to it’s lowest rate since 2001. In contrast, the cost of buying a home has decreased  in several areas over the past 12 months, and mortgage rates are at an all-time low. If you’re looking to buy in the Seattle area, here is a list of exceptional homes in the Seattle luxury real estate market.  Many are still skeptical of the optimistic outlook, because there is a high percentage of Americans who aren’t able to look into buying a home at this time due to unemployment, low credit scores, etc and rental rates could continue to climb because of this factor. For an extended article, please visit CNN Money.

Scams in Seattle Rental Market

The Seattle Times has announced that there are currently scams in the housing market to be aware of when browsing for your new home. Online scammers are advertising listed homes and foreclosures as "For Rent" that they most likely do not own, and very likely have never even seen before. These homes are usually For Sale, or currently being foreclosed, and scammers are taking advantage of the new vacancies right and left. Potential renters are asked to send a deposit before receiving their keys. This scam may seem like an obvious one, but these kinds of scams have been on the rise along with unemployment and desperate apartment seekers looking for a low price ticket. Be wary if a manager asks for wired funds through Western Union or Money gram without letting you into the Unit first. For a detailed description, read the extended article here.

Seattle Rentals on the Rise

According to Bloomberg.com, U.S. apartment and rental vacancies have decreased over the last few months, which have allowed landlords and apartment buildings to increase their rental rates. There has been an increase in the number of families relocating to Seattle with companies such as Amazon, Fred Hutchinson, local hospitals, and other companies going through hiring frenzies. Many of these families aren't in a hurry to purchase, since they aren’t familiar with the Seattle neighborhoods, and aren't sure which would best suit their needs; almost all also have the luxury of temporary housing.  Larger companies tend to offer temporary housing which allows tenants the time to learn more about which neighborhoods they would prefer to live in, while simultaneously leading to a decrease in Seattle apartment vacancies. Owners of single family rental homes throughout the Puget Sound area have benefiting from those wishing to find their dream home, and opting for a house instead of an apartment. These owners benefit due to a lack of inventory and a large amount of people searching, which consequently has allowed landlords to obtain higher rental rates. To find more about Seattle Rentals, check out some current listings here.