With Terry Story, 25-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
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A recent report alluded to the Silent Housing Crisis that spoke about rising rental prices, especially places like San Francisco and New York where renters are paying 30% to 50% of their income to stay in rented houses – that’s a lot! But builders see this, and have responded by ramping up the construction of multi-family homes. Even so, new home supply takes a while before it’s available for rent but new rental construction, especially in hot markets, should alleviate the Silent Housing Crisis when it comes to rentals.
In other news, first-time home buyers are jumping into the housing market in record numbers – partly helped by low interest rates, down payments as low as 3% to 5% and a relaxation of credit rules to enable easier but not riskier home loan origination. But borrowers beware, lenders have little tolerance for lies on home loan applications so make sure you don’t try and game the system.
