If you’re looking to buy a home good luck. Home prices are soaring at a rate that has priced out many would be home owners.
Why is that?
According to real estate legend and Shark tank host Barbara Cochran there are three reasons we’re seeing a huge spike in home prices across the country.
- First even with a rise in interest rates, the fact that they’re still at a good rate means money is cheap.
- There’s been an initial delay by many to realize that real estate really is a good investment opportunity.
- And finally rent. As of December the average renter was paying $1877. That number has left many wondering why not just buy.
Trevaris Tutt owner of Occupy Real Estate Group said rent is a great reason many people must find a way to buy.
“Because rent is going up and unless you are staying with family while you wait, then you will be spending more now and overtime with no return,” said Tutt.
He went on to say what are you waiting for?
With investment companies snatching up homes and raising prices nationwide he said individual homeowners may have to get creative. The median price for a home is 374,000.
“Consider purchasing a home with someone else and collaborate on getting something big together,” said Tutt.
Another suggestion.
Sacrifice.
“I would see if there is a way you can sacrifice some of your wants/needs for now to get something smaller or in a different area. Look at it as a steppingstone,” he said.
He said keep in mind if you buy now you can expect appreciation.