The last several years had most people biding their time renting while they waited out the housing downturn.
The flood of rental homes on the market, and the fear of purchasing in a declining market largely drove this sentiment.
But as we turned the corner into 2011, experts are saying something different. With rents rising and interest rates/home prices so low, the tables have turned. “By mid-2011 and certainly by the end of 2011, buying will be superior to renting in most parts of the country” says Mark Zandi, Chief Economist for Moody Analytics.
In the list published by Moody, the Tampa Bay area ranks as one of the top ten places in the country where the environment is already more favorable for purchasing than renting. The Sarasota real estate market certainly bears that out, as home buyers are experiencing monthly mortgage payments below current rent rates.