We're embarking on another adventure this winter. As we celebrate 10 years serving the Cottage Grove Area, we're refreshing our office to serve our associates and clients better.
We'll be enhancing our lobby with an entirely new client welcome area along with two new conference rooms. It will be a bit noisy, and a bit messy at times over the next few weeks, but we can't wait for the finished product.
Real estate is continually evolving and so are we. We look forward to unveiling the remodel in just a few short weeks. Here's a preview of the design, courtesy of Brittney Dahl at Houses to Homes Restoration and Design.
There has been a lot of buzz lately regarding the decision to buy or rent when looking for a new home. Well, the numbers are in and it's not what you would expect. Last year, we saw house prices increase 5% to 7% on a national scale. However, we saw rent prices increase at a dramatic rate all over the country. In November of 2015, rent prices were 13.8% higher from the previous year. It is expected for this trend to continue as the year goes on.
2016 is expected to be THE YEAR for buying a new home. As rent prices skyrocket, it is predicted that the price of new homes will start to decline. That is due to the focus on affordability. If you are a first-time home buyer, this is great news. If you are looking for an older home, one with more character and its own history, you need to consider repair costs. Nonetheless, it is more cost effective to buy vs. rent a home.
Setting data aside, what else goes into making the final decision? You need to consider how long you intend to stay in that location. There is a handy interactive map that shows you the best location to buy. All you have to do is enter your zip code and the number of years you intend to stay there. It is suggested to look to rent if you're looking at less than 4.5 years. Especially if you are a college student. However, it is more cost effective to buy a home if the stay exceeds 4.5 years.
After two consecutive months with falling home sales, December roared back with 6.1% more sales than one year ago. On a month-over-month basis, December sales were much higher than expected at 22.5%. In all of 2015, nine months saw home sales higher than the same month one year ago.