The housing market is constantly fluctuating. It goes from being a buyer’s market, to a seller’s market, and back again. Multiple facets of the economy impact the buying and selling of homes around the country, making it difficult to predict exactly what the future will hold. So while there is no guarantee how the market will play out from one year to the next, one thing looks certain – rental homes are needed as more and more families are looking to rent.
The Current Housing Market
If you have considered becoming a landlord, recent statistics show now is a good time to make the leap into residential property management in Fairfield. The New York Times reports in a September 2018 article:
“… Denver’s once-soaring housing market has run into turbulence. Sales and construction activity have slowed in recent months. Houses that would once have drawn a frenzy of offers are sitting on the market for days or weeks. Selling prices are rising more slowly, and asking prices are being slashed to attract buyers … The specifics vary, but economists, real estate agents and home builders say the core issue is the same: Home buyers are reaching a breaking point after years of breakneck price increases that far exceeded income gains.”
What to Expect From the Housing Market
Fact of the matter, families cannot afford to buy. Wages are not keeping up with the ever-rising cost of homes. The New York Times article further states:
“Introductory economics textbooks suggest that high prices should attract more supply or suppress demand — or both. Inventories of unsold homes have risen in Denver and other markets in recent months, and the real estate site Zillow found that price cuts have become more common.
“Over all, however, the housing market is not behaving as the textbooks say it should. Inventories remain low despite the recent increases, and new construction is slowing, not picking up.
“Part of the problem, local real estate agents say, is that the furious pace of price growth has essentially gummed up the market, making homeowners reluctant to sell for fear of being unable to find a new home.”
Intrigued by the idea of residential property management in Fairfield, but not yet convinced it’s a renter’s market? The price of homes is not the only problem affecting today’s housing market. The New York Times article also points out:
“Rising interest rates are compounding the problem because would-be sellers do not want to give up their low interest rates, a phenomenon economists call the lock-in effect … But other issues are common to many cities. Building materials have become more expensive, in part because of tariffs on lumber and other products that President Trump imposed this year. Labor costs are rising, too, especially for skilled trade workers. Restrictive zoning makes it hard to build denser developments that make cheaper homes profitable for builders.”
To Sum it Up
Buying a home is not an affordable option right now, especially for middle-class families. That’s why renting instead of selling your home is a smart choice with today’s slow housing market. At Real Property Management Southern Connecticut, our Fairfield residential property management team understands the rental industry and knows how to help you maneuver the complexities of the business. We work hard to make sure you avoid costly mistakes that interrupt your cash flow, and ultimately, hurt your bottom line. With more than 25 years of experience, we’ve seen it all. No matter the current status of the housing market, our proven processes guarantee you success as a landlord.
Services Provided by Our Fairfield Residential Property Management Team
Our experts take care of it all. We are committed to keeping your home well maintained, all while getting you a better return on your investment property. Our comprehensive list of services include:
Marketing, Advertising, Tenant Screening, and Lease Signing – To transition your home into a rental is a fulltime job. It requires a lot of time and energy to secure quality tenants. At Real Property Management Southern Connecticut, we utilize a hassle-free leasing cycle to help you find and keep well-qualified tenants. We aggressively market your home to reduce vacancy periods. During our thorough tenant screening process, we verify employment and rental history, plus conduct criminal and background checks. Then, our clear and concise lease contracts outline all tenant versus landlord responsibilities to ensure smooth, working relationships moving forward.
Home Inspections, Work Orders, and Emergency Maintenance Requests – As a landlord, there is no time off. Your tenants can need assistance at any time of the day or night, which of course, includes weekends and holidays. But you can leave all that stress and worry behind when partnering with the Fairfield residential property management team at Real Property Management Southern Connecticut. We take care of those middle-of-the-night phone calls. We make sure to respond to maintenance requests in a timely manner. We perform home inspections to catch problems before they become expensive fixes. You can have peace of mind knowing that protecting your home is our first priority.
Rent Collection, Accounting, and Regulation Compliance –Landlords must comply with a wide range of laws, ordinances, and regulations to avoid hefty regulatory fines. Our legal team stays up-to-date on all applicable federal, state, local, and industry laws to safeguard your investment and help you avoid potential legal pitfalls.
Take Advantage of Today’s Housing Market
Rental homes are needed. Working with our Fairfield residential property management experts can make you a profitable landlord. With our experience and training, we can accomplish more together than you can do on your own. We want to see you succeed, and work hard so you don’t have to. Put our proven processes to the test. Call us today.