Attention renters, rates are about to drop!

If you are a renter, relief is on it's way. Rental rates have been at an all time high for a few years now. However, if you are a landlord, I see trouble ahead. 

This is my opinion of the buying, selling and renting of real estate for 2015.
Mortgage interest rates are about to climb, according to all the rumors coming from the new Fed Chairwoman, Janet Yellen. They've been near zero for many years to help stimulate our wobbly, but growing economy.

Many home owners were hit hard when the economy tanked. Homes were forfeited to the banks and hedge fund conglomerates were gobbling them up and renting them back to those that were displaced. 

                             It's been 8 years since the peak and 4 years since the bottom. 

Most hurt during the great recession have recovered financially and have been trying to time out re-entering the market to get the lowest rate as they heal their credit and rebuild capital for a downpayment. 

              That time is now as interest rates are wobbling around a once-in-a-lifetime low. 

However, everyone seems to be sitting around and not taking action. This holding back is causing a pressure cooker situation of buyers. 

When the Fed says "let them rise", the pressure cooker full of buyers will surge to the market buying up the inventory. New homes entering the market will sell at top dollar as the rates rise and inventory will be low.

Where did these buyers come from?  
                                  These buyers were all renting!

Rental homes will flood the market as these buyers leave that market. 
Vacant rentals, cost owners a lot of money.
They would rather slash the price, then let it sit empty. 

I expect this to occur now through June and then go crazy through the summer and fall. 
If you are buying, buy now! Rates may never be this low again in our lifetime. 
If you are renting, buy now! Rates may never be this low again in our lifetime. 

Or if you can't buy, be willing to negotiate to stay or find someone willing to accept your price. 
Don't be scared! The landlord would appreciate the reduced rate more than a vacant rental and pray for a new tenant. 

Buying, selling or renting in the Tampa bay market?
I do that!

Curtis Rudolph Realtor®
813.240.6054 cell/text
Realty Direct Tampa
www.CurtisRudolphRealtor.com