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.
This Jim Olson designed waterfront home
in the Laurelhurst neighborhood has stunning architectural
craftsmanship with strong horizontal lines, steel detailing and huge
walls of glass. The home has a stunning entryway, with high ceilings and
an open floor plan. The lower level of the house has a wonderful walk
out to the Lake Washington
waterfront, with your own brand new teak dock out to the jet-ski lifts,
and boat dock area. This home is located near Laurelhurst Park, Seattle Children’s Hospital and Union Bay. For more information on this Laurelhurst listing with Western exposure, click here.
