Much of what happens in our economy depends on the general attitude of the public. If people are afraid to buy, fewer people do, which in turn has a detrimental impact on the economy. Right now, it looks like the opposite is happening as consumer confidence grows in the real estate market. As more consumers believe that now is a great time to buy, things have started turning around for the real estate market.
Rents Will Rise
According to a Fannie Mae survey, the public expects rent prices to increase 3.7 percent in contrast to an expected 2.4 percent rise in prices of homes for sale. Generally, when rental prices grow faster than home prices, that means people are finding owning a home to be a better deal. So how does this affect you?
- If you own a home, it’s probably safe to say that the value will begin to climb.
- If you’re looking to buy a rental property, you may be able to start charging higher rents.
- If you are thinking about buying, now is probably the time.
Looking to buy on the Outer Banks? Let us help. To see the current inventory of homes for sale on the Outer Banks go to http://www.coastalouterbanks.com.