Reuters put out an article this evening calling out that many renters are now seriously looking at buying homes given lower prices, low interest rates, and the $8,000 tax credit for purchasing a home.
From the article, “U.S. renters turn buyers as homes become affordable”
“In some U.S. markets, prices appear to have fallen enough to make buying cheaper than renting. Mix that with mortgage rates that are near record lows and renters who want to become buyers are rejoicing.”
I concur in terms of our local Phoenix Real Estate market. This is definitely the case. This is one of the more compelling developments in the marketplace – that there really are prices for properties out there where the montly payment is comparable to what a home buyer might be paying for rent.
In a challenging market like we have, silver linings are always welcome.
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