Have you heard? Buying is better than renting in 70% of America.

I’m asked two questions all the time, “is this a good time to buy” and ”what kind of market is this, a buyers market or sellers market?” My answer is this, “it’s a good time to buy when the timing is right for you” and “the market is at a point of affordibility not seen in decades,so, if the time is right for you, this is the time to buy.”

According to a recent article in the Wall Street Journal, “Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.”

What this means to renters is “as a result, monthly mortgage payments on the median priced home—including taxes and insurance—are lower than the average rent levels in 12 metro areas, according to data compiled for The Wall Street Journal by Marcus & Millichap, a real-estate brokerage that tracked 27 metro areas.”

Furthermore, Trulia recently reported that “Making an apples-to-apples comparison between the renting and buying a two-bedroom apartment, condo or townhouse, we found that buying is more affordable in 72% of major cities.”  As you can see from the graph below, a strong case can be made for buying in the major bay area cities.  The full report can be seen at Trulia.com.

 Notice that In the San Francisco, San Jose and Oakland markets the balance is shifting strongly from “it’s better to rent” segment.

With the complexity in today’s mortgage and real estate market you will benefit from the advice and guidance of an experienced and knowledgeable mortgage and real estate professional. To see how our technology supports the needs of Buyers and Sellers, click here.

I’m always available to answer your questions or discuss your concerns. Just text, call (650 325 7877) or email me for a prompt response. If you are in the San Francisco Bay Area, I invite you to take a look at our Resource Center,www.AboutBayAreaHomes.com. There you will find links for active home listings, home loan information, market activity reports, home seller strategies, staging and decorating ideas and more.

Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They serve clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240. National Mortgage Originator Endorsement 230411.

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