During the housing crisis more than four million homes across the United States were converted into rentals. Rising housing prices and increased demand for homes has resulted in many of these rentals being converted back to homes for sale.
Rents are now flattening out and prices on homes for sale are rising: In March year over year rents on single-family homes only rose 0.1%, with apartment rentals increasing 2.9%. Numbers from the Rent Monitor index provided by Trulia showed that on average rent increased 2.4%. Year over year asking prices for homes for sale rose 7.2%.
During the housing slump housing prices dropped and rental rates increased significantly, making it more beneficial for homeowners or investors to rent instead of sell. Based on this trend, it is now more beneficial for these individuals or groups to sell their homes, and with supply unable to meet demand in many areas (which has caused the rising of prices) it could be to everyone’s advantage to have these homes come back on the market for sale.
While this may seem like more ideal conditions for sellers than buyers, mortgage rates slipped to an average of 3.54% from 3.57% the previous week and down from 3.98% in 2012. With home prices continuing to rise it is beneficial to buyers to purchase now based on this data. Encinitas homes for sale have seen an increase in median list price rise from $950,000 in April 2012 to $1,395,000 in April 2013, according to statistics from Movoto.
Whether you are a buyer or seller, now is the time to contact a real estate agent in Encinitas about your real estate in Encinitas.