Seattle is now #9 in the USA for high rental rates, but it is 40% cheaper to buy than rent.
SEATTLE, WASHINGTON (PRWEB) August 05, 2013
Listeners got an earful during a recent Brashenomics Radio Show, when Host Ben Brashen interviewed Eric Robison of Keller-Williams Realty. It was a lively discussion that opened up with a discussion about how Seattle has its own characteristics that do not pertain to other areas of the country. It is a lively market area, and should remain a good place to invest in real-estate.
Ben posed a question to Eric: “Eric, nice to see you here again and good news that things are doing well for you. I would like you to tell my listeners why Seattle is different than other real-estate markets around the country”. "Sure Ben, first I would like to mention that a lot of clients have asked me about renting as opposed to buying. Many people don’t have an understanding about the advantages of owning a home. They are laboring under a misconception that renting is cheaper than buying. This is simply usually not the case,” according to Eric Robison.
Eric continues: “Interest rates are still quite low compared to yesteryear, and people still realized a good profit when the rates were high. Rates went down to around 3%, which was a dream to us older folks who can remember when mortgage rates hovered around 16% during the Clinton years. Folks with money to invest, with the help of Keller-Williams Realty, scooped-up many properties at those low rates. The trick was to not pay unrealistic purchase prices. Now the rates are creeping around 5%, and that is still great. What should not be minimized is the satisfaction and pride of owning your own home. That your kids will know they have a permanent residence is good for family strength.”
Ben asked Eric to be more specific about the Seattle Area market: “It has softened a little of late. The days of multiple-offers like 20-30 offers on a property are pretty much history. Multiple-offers nowadays equals more like 5 or 6 offers. Seattle is now #9 in the USA for high rental rates, but it is 40% cheaper to buy than rent. What is a significant fact is that mortgage rates would have to be about 10.5% to make renting a better move for some individuals.”
Complete information is available at: Eric Robison/Keller Williams Realty