Renter’s Market? Or a Great Time to Buy?

Here is a good article in Richmond BizSense this morning about the Rental Market in Chesterfield, Va. Some of the comments the article is getting are creating an interesting conversation about it being a good time to buy or rent.

Renting a house that you can’t sell is an excellent option for property owners. Much better than foreclosure. Short Sale is another good option that is becoming easier to navigate, but it does have some credit consequences. We have over 300 properties under management in our single family division, right now, that are generally very happy with renting their homes. The expenses are tax deductible and home prices will appreciate in the next 2-5 years most likely. Just as prices don’t always go up forever, they also don’t go down forever!

Now is great time to buy! Remember buying a house is NOT just an investment. It’s a Home. The value you derive is not purely economic in nature. With Rates as low as they are, Inventory and Selection at this level and with prices nearing the bottom for the cycle, it can be a good time for many people, especially first time buyers, or people with 20-30% equity in their current home.