Russian River Real Estate Is Becoming More Elite
As a local Russian River Real Estate agent here in Guerneville I couldn't help but notice the rise in the rental rates! Many people tell me that they can't afford to buy a home but they would like to rent a place here on the Russian River. "The average apartment rent rose to $1,521 a month in Sonoma County in the second quarter, a jump of 13.3 percent from a year earlier, according to Real Answers, a Novato-based rent research firm formerly called RealFacts." This information is staggering, to say the least. What this is doing is making it so difficult to rent a place here that you might have better luck buying a home! Due to this surge in prices for rentals mortgage rates are looking more and more reasonable!
Since the real estate market has been on the rise as far as pricing goes, homes are becoming less attainable for people on a stricter budget and many have opted to rent a home instead. However, since the demand for rental homes on the Russian River has skyrocketed another problem has come about...there are no more homes to rent! The demand is larger than the supply. "When you ask why rents are rising so fast, experts repeatedly give two answers: job growth in the Bay Area and a lack of new housing in Sonoma County." Experts say "Few new houses and apartments have been completed in Sonoma County since the housing market began its crash nearly seven years ago."
Your Local Russian River Agent
I bet your wondering then what the best solution would be. Well as a local Russian River Real Estate agent I can tell you that with the loan rates lower than we have ever seen them and rental costs rising at an alarming rate the best thing to do would be to buy a home that you can afford the mortgage on and secure your future in the process!
The Russian River area is a Paradise where people band together to protect one another in a judgment-free and welcoming fashion. It is a place where one can nap beneath a thousand-year-old redwood or take a refreshing dip into the tranquil waters of the Russian River. Many people will buy a Riverfront home for sale or a Vacation Rental and visit during the summer and rent it out the rest of the year to other vacationers! Some invest in Russian River Real Estate in order to live here year round and are quickly accepted into the Guerneville community. Others have grown tired of the high rental rates in the area and have decided to invest in their future. If you have been thinking about buying a second home full of peace and tranquility away from the hustle and bustle of the city or are looking to relocate to this Russian River Paradise call David R. Millar BRE#01354778 at 707-217-1786.
Information in this article courtesy of http://www.pressdemocrat.com/business/2504069-181/rents-soar-in-sonoma-county