Rent prices are surging in the US. Since January of this year, the national median rent increased over 15% according to the latest National Rent Report from Apartmentlist.com. Rents aren’t slowing down either as demand continues to remain high.
This is why buyers continue to pay more than the list price for homes and are out fighting in such a tough market. In the Atlanta metro area, it is cheaper to buy than rent.
In addition to saving money on rent, buyers can tap into equity on the home they purchase. The average homeowner gained about $51,500 in equity over the past year, according to CoreLogic. We’ve seen double digit appreciation the past two years, and 2022 is expected to be another strong year.
When you combine higher rent prices, the opportunity to gain equity through home appreciation, and the stability coming with owning a home… these are the trends fueling the current housing market.
It is still a seller’s market, and will be again in 2022. One way to strengthen an offer is to get underwritten prior to making the offer. This way the seller knows your loan has been reviewed by underwriting and you can consider making a 0 day financing contingency offer on a home. It will help strengthen your offer.
If you are looking to purchase in the state of Georgia, contact me today! I can help get you underwritten prior to making offers!
