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Rents Increase with inflation

Posted by Elder Reyes on June 2, 2023
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Rents go up when inflation is high, and that’s a big reason why there’s still so much demand for houses. In March of this year, there were 3.7 offers per home across the country, which is pretty incredible. Even though interest rates have been increasing, it’s actually lowered supply more than it’s lowered demand.

Why is that? Well, over 85% of people who own homes right now don’t have a mortgage or their rate is under 4%. That means they’re not really looking to move and pay more money for their house. They’re waiting to see what happens, even though there might be nothing better out there. But the thing is, even though interest rates are higher now, prices are just going to keep going up. So if you have equity in your current home, you could actually use that to put a down payment on your dream home and keep your payment the same or even lower. And when interest rates eventually come down, you could refinance and get an even better deal.

And if you’re still renting, there’s another big perk of owning a home: you can stabilize your monthly expenses by having a fixed-rate mortgage. If you keep renting, you’ll never have that same kind of stability, and you’ll always be at risk for rising rent costs. So why not consider taking the plunge and becoming a homeowner? Get in touch with me today to start your journey.

Eddie Ruettiger
The Ruettiger Group 
Baird & Warner Real Estate
815-823-5478

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