Condo Sales Down/Rental Market Up

Although condos for sale are down in America, it means a large portion of homeowners and builders are lowering there prices to rent out there properties.  If you are looking to rent a condo in Chicago or condo in Los Angeles you will find there are some great deals to be had.  I myself am looking to rent a condo in San Diego and have seen prices go down an average of $200-400 on any given unit.  In my opinion the adjustable rate mortgages are going up, people are upside down and cannot afford to get out from under there house so they would rather lose $200-400 than hundreds of thousands of dollars from selling there home.

 For many developers they see this as a two way street.  They are either going to A: offer slightly better prices and not make such a large margin and sell tons of condos.  On the other hand B: they could also be sitting on millions of dollars worth of mortgages because the consumer finds it more beneficial to wait out this dry spell in real estate and rent a place for much less than a typical mortgage would cost you.

 No matter if you buy a condo in Miami which is a hot market or a condo in Denver which is not so hot you will see a difference in opinions no matter where you get your information from.  People say its better to buy now because homes are down and some people say its better to rent because its more cost effective.  In my opinion buy low and sell high.  You are never going to lose money on a condo in Seattle if you purchase.  Property there has slowly gone up over the years.  The old saying is what goes up must go down.  Americans typically buy in the wrong time and for most of us that are real estate savy the majority of the time end up on top.