Market Update

The eviction bans have come to an end and rents are at all- time high. Some rents are even more expensive than starter homes. In some cities the average rent is $1600 for studio or 1-bedroom apartment. According to “msn, rents have jumped by 11.5% between August 2020 and August 2021, marking the first double digit increase on record.”

Buying activity has slowed down a tad, but not too much! Which could be due to school starting, a rise in mortgage rates or people just getting burned out on the market. Even though the activity has slowed down, homes are still selling. The Federal Housing Finance Agency states “that the national home prices are up over 19% as of July compared to last year.” Arizona, New Mexico, Nevada, Utah and a few other states saw the biggest price increase. Up to 25% in some of those states. The good thing is that it’s still easier for folks to buy a home. Lending standards are loosening, making it easier to get a mortgage loan. Reach out to your local realtor or lender to see what you’re pre-qualified for.

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