MN in the Middle?
I guess you could say MN is physically in the middle of the country, but you might find it surprising to find that it’s in the same position with regard to median rents. Check this out: Nationally, the average rent for a one-bedroom apartment is $1140 and $1300 for a two-bedroom. We’re keeping right up here in Minnesota – the average price for a one-bedroom in the metro area is $1036 and $1438 for a two-bedroom. Year over year, rents are up 2.8% nationwide as of April. Isaac Newton’s famous quote “What goes up must come down” never seems to apply to things that require money coming from your pocket, so it’s doubtful rents will be headed in the opposite direction.
Price, market, interest rate fluctuations and compliance issues make it really hard to publish comparisons between monthly rent and payments on a home. But that shouldn’t stop those of us in the industry from having comparisons on hand between rent and mortgage payments that can be rattled off in conversation with our leads, prospects, strangers and anyone else we come in contact with. The fact that a home can be purchased for the same amount or less than rent often sparks “water cooler conversations” and a lot of questions that we and our Realtor and loan officer partners are happy to answer. Let’s get the buzz going!
- Published in On the House
Info Abounds
Info Abounds
The Spring-Summer market is underway and everywhere you read and watch, you’ll find comments about the real estate market, interest rate movement, shortages of homes for sale in certain areas and price ranges. People outside the real estate and mortgage industries may wonder what it all means – and if they don’t, they should. It’s so easy to draw a conclusion about how the market’s doing, whether or not it’s a good time to buy or sell, if mortgage interest rates are good and so on. The problem with that is, it’s virtually impossible to know whether or not that conclusion is true without information from a real estate and mortgage professional that was researched and prepared specifically for an individual or family. Here are some questions consumers should NEVER try to answer by reading the news or surfing the net alone:
- Can I afford and qualify for a home?
- Can I get enough money for my home to buy a different one?
- Are interest rates good or should I wait to see if they’ll go lower?
- Is it a good time to buy a home or are prices going to hold steady or go down?
These are just a few typical questions that should be verified with a review of your personal situation. Drawing the wrong conclusion based on general information or statistics can cause you to miss an opportunity. Don’t worry – you don’t have to “sign your life away” to get a professional, specific opinion. We at GCS Title work with many experienced professionals and can connect you with people who can answer your questions with no obligation or pressure. Let us know what questions are on your mind – we’re happy to help you get them answered. ~ Charlie
- Published in Uncategorized
- 1
- 2