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Buying a Home is 35% Less Expensive than Renting!

by Cheryl Scott-Daniels

Buying a Home is 35% Less Expensive than Renting! | Keeping Current Matters

In the latest Rent vs. Buy Report from Trulia, they explained that home ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States.

The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

  • Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
  • Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
  • Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. 

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.

 

Resource: KCM

Fairfield County Real Estate Market, Jan – June, 2013-2014

by Cheryl Scott-Daniels

Fairfield County Real Estate Market, Jan – June, 2013-2014

The Fairfield County real estate market continues to hold steady with last year’s pace. There were 4,326 unit sales during the first six months of 2014, representing a unit sales decrease of 1.48% from the first six months of 2013. While the number of sales may be down just slightly, the average sales price is up 2.74%, making the average sales price for the first half of the year $586,988.

Westport, Connecticut

Sales in Westport are down slightly from last year. Unit sales from January to June 2014 are down 15% from sales in the first half of 2013. The average sales price is down 7.3% in the same time frame. Sales among the upper tier, over $2,000,000, are also down by about 20% in units. 

Sign up for our Fairfield County Real Estate Market Stats Newsletter and receive stats every month via email. 

Cheryl Discusses Fairfield County Home Prices

by Anne Nelson

Cheryl recently had the opportunity to discuss the Fairfield County real estate market with Tom Renner of the DailyVoice.

http://stamford.dailyvoice.com/real-estate/prices-activity-down-fairfield-county-real-estate

 

Rate/Payment Relationship

by Cheryl Scott-Daniels

Rate Payment Relationship 2 small.pngA ½% increase in interest rate may not sound like much but it is roughly equivalent to a 5% increase in price.  It becomes obvious when you compare the payments.

If you financed 100% of the cost of a $250,000 home at 4.5% interest for 30 years, the payment would be $1,266.71 per month.  If the mortgage rate went up to 5%, the payment would be $1,342.05.  If the home increased 5% in value, the $262,250 loan at the lower 4.5% rate would have payments of $1,330.05.

The two payments are close enough to justify the statement that a ½% change in interest is approximately equal to 5% change in price.

Each time interest rates go up, fewer people can qualify to buy a seller’s home.  The mortgage rules that went into effect this year require buyers to meet specific payment to income ratios.  As demand picks up for the seasonal market, most experts expect rates to increase.

Buyers will be doubly challenged in the current market because prices are rising (NAR reports 11% last year) along with the anticipated mortgage rates.  Buyers who wait will inevitably be paying more to live in the same home had they acted sooner.

Check out on how Interest Affects Price for a home in your price range.

Cheryl had the opportunity to discuss current Fairfield County real estate market statistics with Tom Renner of the Daily Voice: 

"From the beginning of last year, we thought things would be better,’’ Scott-Daniels said. “I was hopeful and anticipated that last year would show some positive trends, and it did.”

http://darien.dailyvoice.com/real-estate/fairfield-county-real-estate-sales-climbed-22-2013

 

Monday Market Watch – Fairfield County Real Estate Market Watch

by Cheryl Scott-Daniels

Monday Market Watch – Fairfield County Real Estate Market Watch

133 single family home sales in Fairfield County were reported over the past week on the Greater Fairfield County Consolidated Multiple Listing Service (GFC CMLS). The average sales price was $718,186.

159 New single family homes were listed in the past week, resulting in a total of 3947 single family homes currently for sale on the GFC CMLS. The average list price of single family homes in Fairfield County is $1,186,925.

Cheryl Scott-Daniels’ Monday Morning Fairfield County Real Estate report covers Fairfield County Real Estate market activity over the past 7 days to provide our readers with up-to-date market information they need to make an informed buying or selling decision.  

Monday Market Watch – Fairfield County Real Estate Market Watch

by Cheryl Scott-Daniels

Monday Market Watch – Fairfield County Real Estate Market Watch

129 single family home sales in Fairfield County were reported over the past week on the Greater Fairfield County Consolidated Multiple Listing Service (GFC CMLS). The average sales price was $746,779.

177 New single family homes were listed in the past week, resulting in a total of 4019 single family homes currently for sale on the GFC CMLS. The average list price of single family homes in Fairfield County is $1,172,287.

Cheryl Scott-Daniels’ Monday Morning Fairfield County Real Estate report covers Fairfield County Real Estate market activity over the past 7 days to provide our readers with up-to-date market information they need to make an informed buying or selling decision.  

Monday Market Watch – Fairfield County Real Estate Market Watch

by Cheryl Scott-Daniels

Monday Market Watch – Fairfield County Real Estate Market Watch

130 single family home sales in Fairfield County were reported over the past week on the Greater Fairfield County Consolidated Multiple Listing Service (GFC CMLS). The average sales price was $644,396.

217 new single family homes were listed in the past week, resulting in a total of 4,248 single family homes currently for sale on the GFC CMLS. The average list price of single family homes in Fairfield County is $1,156,957.

Cheryl Scott-Daniels’ Monday Morning Fairfield County Real Estate report covers Fairfield County Real Estate market activity over the past 7 days to provide our readers with up-to-date market information they need to make an informed buying or selling decision.  

Monday Market Watch – Fairfield County Real Estate Market Watch

by Cheryl Scott-Daniels

Monday Market Watch – Fairfield County Real Estate Market Watch

113 single family home sales in Fairfield County were reported over the past week on the Greater Fairfield County Consolidated Multiple Listing Service (GFC CMLS). The average sales price was $559,981.

231 New single family homes were listed in the past week, resulting in a total of 4232 single family homes currently for sale on the GFC CMLS. The average list price of single family homes in Fairfield County is $1,155,926.

Cheryl Scott-Daniels’ Monday Morning Fairfield County Real Estate report covers Fairfield County Real Estate market activity over the past 7 days to provide our readers with up-to-date market information they need to make an informed buying or selling decision.  

Westport Real Estate Market Improving - More Signs!

by Cheryl Scott-Daniels

Over the past few months we have seen a lot of positive activity in the Westport real estate market. Statistics show a balanced inventory of single family homes between $1,500,000-$1,700,000. There are currently 31 active single family homes on the market in this price range and 50 homes sold in this price range over the past 12 months. That is an average of 4 homes selling in this price range per month, which means a 7.4 month supply currently on the market! More signs of a balanced market!

Westport Single Family Homes $1.5-$1.7MM

This is not the case in every town and can be broken down for each specific property so it is important for sellers to contact us for information about the advantages of buying or selling in a specific town and price range at this time. There are a number of buyers in the market now who are interested in taking advantage of the low interest rates before they rise.

 

Displaying blog entries 1-10 of 32

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