The start of a new year is often a time of reflection, which over the past 12 months, held a struggling real estate market in my market area. Thankfully, reflection also brings about anticipation and optimism for the year to come. In lieu of our new year approaching, I’ve decided to put together 11 residential real estate predictions for 2011 – released one day at a time. Enjoy!
3) The Rental Market Will Remain Strong in 2011
If there has been a bright spot over the past few years in the real estate, it has been the rental market. With home values dropping like a rock in many parts of the country over the past several years, many people have rediscovered some of the benefits of renting. More flexibility, less responsibility, and ability to afford greater amenities are sometimes advantages in finding the right rental situation. In many metropolitan area’s, rental rates are above 90 percent occupancy, and those percentages are expected to stay strong throughout the year.
I’ve chatted with many folks who rent and are simply waiting until the market (in and around Seattle) to show some consistent signs of improvement before they will purchase a home. I’ve met empty-nesters who simply don’t want to worry about maintaining their home and rent. And, I’ve met others who owned a home and moved into a rental in order to save money for the purchase of another home.
However, any way you slice it – the numbers overwhelmingly show that home ownership is still a key investment to one’s overall wealth. While a rental situation can (and does) make sense for certain situations and seasons, researching the opportunity for home ownership could be the best use of your time that you make for your long-term personal finances.
Stay tuned for tomorrow’s prediction!
For help on your next real estate transaction in the Greater Seattle area, give me a call at (425) 483-1010 or visit http://www.RyanHalset.com
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.
North Seattle | Bothell | Lake Forest Park | Edmonds | Mill Creek