Homes that are listed for rent or lease.




You may have seen reports in the news recently saying it’s more affordable to rent right now than it is to buy a home. And while that may be true in some markets if you just look at typical monthly payments, there’s one thing that the numbers aren’t factoring in: and that’s home equity. Here’s a look at how big of an impact equity can have and why it’s worth considering as you make your decision.

What the Headlines Are Based on

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, especially if you’re not looking for a lot of space, it can be more affordable on a monthly basis to rent:

 


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If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.

While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling…

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The average long-term U.S. mortgage rate fell for the fourth consecutive week and has dropped more than three-quarters of a point since hitting a 20-year high last month. This fourth week in a row of declines is leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.33% from 6.49% last week. A year ago, the average rate was 3.1%.

The average long-term rate sat at 7.08% in early November but has since had the steepest 4-week decline since 2008.

“Though week-to-week rate changes can move up and down, the longer-term prospect on rates is for further improvement, with a clear possibility of going under…

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The home selling process has changed considerably over the past year. Last year sellers could throw their homes on the market with little to no prep work done, throw a few pictures online and still expect multiple offers and a final sale price well over asking price. This red-hot sellers’ market was unprecedented in history and certainly not the norm.

Currently the market is in a state of readjustment and is trending back to a more normal balanced market. This adjustment may be perceived as scary by many sellers who are seeing their neighbors home prices fall in price and sit on the market for months. This slowdown can be directly correlated to raising interest rates and a huge increase of properties on the market.

The news for sellers in the…

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To buy a house or rent, that is the question?

The market has made it challenging for home buyers, who must balance little inventory and a lot of competition. And to make matters worse, rising interest rates are here to stay. While home mortgage interest rates have increased to the high 4% range, this would be the time to really ask yourself what is the better option... buy or rent? I get it, it's a tough market right now, it may be nerve-wracking to deal with putting an offer on that home you have dreamt about and very likely deal with buyer’s fatigue and end up paying more a month because of the current rates. However, investing in real estate may be more beneficial than you know in the long run.

 

You can say Yahoo! News  explains it…

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As more and more months tick by, buyers keep asking me, what is better right now... should I keep trying to buy a house knowing it's a seller's market right now, or should we just wait and rent until buyers have more of a fighting chance? Well, according to Keeping Current Matters it looks like renters are not doing much better. In fact, 

 

Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier. Rent growth should continue to be robust in the near term, especially as the labor market continues to improve.”

 

Yes, there are benefits to renting a house vs. buying, such as fewer (if any) maintenance costs, also things like having less stress…

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When we think of buying our first investment property, it can be super exciting, and we don't always realize the tangible benefits of investing in real estate. 

Yahoo! Finance mentions the many benefits when investing in real estate, one of them being appreciation:

 

Real estate appreciates naturally, and you can also force it. Home renovations and remodeling can improve a property’s value, giving you an even greater return on your investment.

 

Another good benefit is cash flow:

 

If you invest in a rental property, you can earn cash flow in addition to any appreciation. You earn cash flow from the rent charged on the property and after you pay the expenses including the mortgage, taxes, insurance, and any…

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The rental market for a single-family home in Washington has gone up significantly

By Liza Alley 

K5 news explains in this article how the rental market for a single-family home has gone up tremendously in King, Piece as well as Snohomish county. 

According to Redfin, the average monthly cost of rent for a single-family home in King County rose $345 from May 2020 to May 2021. Rent increased $300 during that same time in Pierce County and increased $200 in Snohomish County.

A breakdown of average single-family home rental prices for the three counties is below:

King County:

  • May 2020: $2,650
  • May 2021: $2,995

Pierce County:

  • May 2020: $1,800
  • May 2021: $2,100

Snohomish…

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I have been in the Real Estate field for 14 years in the Puget Sound area, and I have truly loved my time in the industry.  I love Real Estate because it gives me access to assisting in the process of prospective home owners finding the home of their dreams, as well as helping current home owners sell their home for top dollar.  Through my years in Real Estate, I have had the opportunity to learn and grow with the current market conditions, which are always in flux, and help buyers and sellers find the exact angle to maximize their desired outcomes.  My niche is behind the scenes, helping the brokers who are out in the field maximize their time.

OUR LOCAL REAL ESTATE TEAM

Cascade Team Real Estate agents are proactive in serving…

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Welcome To The Cascade Team Kara Canen!

 

OUR LOCAL REAL ESTATE TEAM

Cascade Team Real Estate agents are proactive in serving their customers, studying the market and touring homes, so they can provide the most accurate housing market data for their clients. This helps you better understand the competitive environment, pricing strategies and provides an edge in the negotiation process.  Our goal is to always meet and exceed your expectations.  We look forward to the opportunity of working with you on your next real estate transaction.

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