Is everybody renting now? My partner Susan and I handle quite a few rental listings and right now they seem to be renting quite quickly and usually for full asking price, with first, last and security. For the first time in a couple years the rental market seems to be tightening. A couple years ago when there were a whole bunch of new construction town homes and homes on the market for rent and for sale, in foreclosure or up for short sales, there seemed to be so many properties to rent that you had to give them away. Now rental prices seem to be going up. I searched the area in east Lake Worth and town homes that were renting for $1,350-$1,400 per month are now $1,500-$1,600 per month. Not only that, but the landlords are holding out for the tenants that can pay three months rent up front (first, last and security), in addition to any pet fees and application fees.
Now that the rental market is heading in that direction the buying market should follow. If a tenant has $5,000-$6,000 to put down on a rental, then they have the down payment for FHA financing of a home.
A client of mine bought a $95,000 town home paying less than $7,000 down with the seller contributing almost $3,000 in closing cost assistance. The monthly mortgage payment is only $735.00!
There are town homes in Delray Beach and Lake Worth that are new construction, and are subsidized by the local municipality and the state (so income guidelines must be met), which offer incredible deals. How about a $240,000 town home with monthly payments starting at $730.00? Sound too good to be true, it’s not. It really exists!
The opportunity to own a home at a very good price and an affordable monthly rate is absolutely possible, and they are not hard to find. Happy hunting!
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