To Rent or To Buy?
As renting has gained popularity due to the recession, prices have jumped and rental concessions are disappearing, pushing many people to trade in their monthly rent for a mortgage payment. Here in Biltmore Park Town Square, our Condominiums and Townhomes have experienced extraordinary activity over the last 18 months with 32 contracts and 26 closings.
According to Reis, Inc., which tracks rental performance data, the average monthly rent (including studios, one- and two-bedroom apartments) is now $986 – up from last year’s average of $930. Rents are projected to rise by another 3.4 percent by the end of 2011.
In some cities, the housing market has fallen so far, and the rental market has gotten so tight, that rent could cost significantly more than a mortgage on a comparable place. To determine whether owning is cheaper than renting in a specific neighborhood pull up equivalent for-sale listings online or speak with a realtor and use a rent-or-buy calculator to compare the monthly cost of renting and owning. And if the monthly savings are significant, there are other compelling reasons to buy, says John Mulville, a senior vice president at Real Estate Economics, which tracks residential real estate data: prices are low, as are mortgage rates.
Since May 2010, interest rates have been below 5 percent. Just last month, rates surpassed 5 percent; check out this CNN Money article to see why now is a great time to purchase before rates go up even more.
Life in Biltmore Park Town Square is the perfect blend of style and comfort. Every convenience of Biltmore Park Town Square is yours to enjoy. Dinner with friends. A movie out. Nature trails for jogging. It's all right here nestled in the scenic Blue Ridge Mountains.
Click here or call 828.654.0660 to find out more information about condo and townhome ownership in Biltmore Park Town Square.