We've talked a lot about the residential home market. Today I would like to talk a bit about the Rental Market here in Rio Rancho and Albuquerque.
As we have seen in the housing market, the Rental market for single family homes, is HOT!
Even though we have had a recession and pandemic, housing sales soared last year. Home prices increased making it more challenging for first-time home buyers. But, the historic low interest rates have fueled the housing market.
On the other side, with many losing their jobs, this in turn added to the loss of homeownership and the need to go back to renting. They are then presented with the same challenge - Low Inventory!
As we see the change in power in our White House and Congress, we will also see changes that will affect the housing market. Many are predicting a slight increase in mortgage rates and talk about new programs to help first-time home buyers.
It's never too early to start a savings account for your future home purchase.
If you would like more information on purchasing a home or investing in a rental property, let's chat!
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