Interest rates are hot hot hot! They are at an all time low. Now is the time to purchase your first home, upgrade, or downsize. If you are happy where you are, it's a great time to add a house to your investments. Become a landlord and let someone else pay down the mortgage for you! There is a need for more rental homes in the area. Call us at JRE Property Pros and we can help you make that purchase. We are property professionals!
Here is a portion of a great article published by Realty Times on March 22, 2012, by Broderick Perkins. Follow the link below this section to read the entire article.
Zillow's new Zillow Rent Index confirms Best 100 findings
Zillow's corroborating January Zillow Rent Index (ZRI), released for the first time ever this month, showed year-over-year rent gains in 69.2 percent of metropolitan areas, compared to home price gains in only 7.3 percent of the metro areas.
Nationwide, median rents rose an average 3 percent from January 2011 to January 2012, but home values continued to fall, declining 4.6 percent during the period, according to Zillow's January Real Estate Market Reports.
Despite the affordability created by cheaper home prices and record low interest rates, tight credit and still relatively high unemployment levels continue to shut the door on many potential owner-occupants.
Investors, however, are having a field day as demand surges for housing to rent.
"The flourishing rental market is the silver lining to the nation's housing downturn. The inaugural ZRI shows us a healthy and growing rental market across the majority of the country, even as home values continue to fall," said Zillow's chief economist Dr. Stan Humphries.
Zillow found rents rising as much as home prices fell In some large markets, including Chicago where rents were up 9.1 percent, year-over-year, ending in January, while home values fell 10.4 percent. In the Minneapolis-St. Paul, MN metro, rents rose 11 percent and home values fell 8.1 percent.
To view entire article follow this link, realtytimes.com/rtpages/20120322_rentalmrkts.htm