courtesy of CNBC News – piece by Diana Click
Today’s housing market is so competitive and pricey that even those homeowners who might want to move up to a larger home are staying put. They either can’t find or can’t afford what they want. A new strategy, however, is becoming increasingly popular — in order to afford that new home, keep the old one. This is the new home affordability concept.
The number of investor-owned properties continues to rise, but the “investors” are not all big companies or landlords with multiple properties. More and more, they are just current owners using today’s very lucrative rental rates to pay for a bigger home.
Not only do homeowners like Liz and Kevin get the rental income to help cover both mortgages, they will also continue to see price appreciation on their old home, which they would have lost had they sold it. Demand for rental homes is so strong in their neighborhood, and in most urban areas today, that they were not at all concerned with finding a renter.Millennials, the largest generation, are finally forming households at an ever-increasing rate, moving out of their parents’ basements or out of shared living situations. Because they were delayed by the recession, many looking for single-family homes are older and married, but there are precious few starter homes for sale. Single-family rentals are therefore a hot commodity.
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Are you having difficulty finding a property? We have helped many repeat clients purchase similar properties and either keep them for themselves or use as an investment. Mario has been in the real estate mortgage business since 2002. Mario’s experience is tested and true. Mario has helped thousands of clients secure and improve competitive real estate mortgage interest rates .
Mario gets your deal done. Let Mario be both your trusted Miami realtor and Miami mortgage broker.
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I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
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