Some Light in the California Housing Market?
March 25, 2009
My husband pointed this article out to me from Reuters news service this morning. It appears that sales of homes in the San Francisco area have increased because the prices have dropped to the point where buying is become more attractive to renters. I hope you enjoy this article as much as I did. Let’s hope it bodes well for the rest of us. We’ll see!!
U.S. renters turn buyers as homes become affordable
by Julie Haviv
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NEW YORK (Reuters) – After six years of renting in San Francisco, Kate Wilusz jumped at the chance to swap her tiny apartment for a roomy four-bedroom Victorian home. But she is paying a mortgage instead of rent — and coming out even.
“I could not be more thrilled,” said Wilusz, a financial planner who recently closed on the dream house with her husband, Charley. click here for the full story
By Julie Haviv
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Kappy – good post – I agree there seems to be a slight uptick in my market area – the San Francisco Peninsula. With prices down maybe 10% to 20% in most mid-peninsula areas and interest rates very low – the differential between owning and renting has decreased. Owning still costs more but not as much as it did a few years ago. I believe buyers who buy now will look back 5 years from now and be happy with their decision to buy.
Arn
[...] Kappy Mann, a colleague in Truckee Lake Tahoe recently posted an article from Rueters that states many people are entering the market for the first-time since ownership costs are now approaching rental costs in some areas of the country. [...]