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With Homes for Sale in Wayne, PA on the Rise, Renters Are Getting Squeezed in a Buyer’s Market

Article - Homes For Sale Wayne PA - Sage - March 2016Years of strong growth in the housing sector has many prospective renters worried about their options and security. Amidst worries about evictions and skyrocketing rental prices, the thought of becoming a potential buyer instead of renter has never been more appealing.

The resurgence of rental requests is a bonus for property owners, but it has serious ramifications for anyone who chooses to rent instead of considering homes for sale. The lack of security and availability of rentals makes owning your own home a less stressful and possibly safer option. The rental market is expected to get even worse in 2016, leading to:

Higher Rental Rates

The laws of supply and demand are simple: when things are in short supply, the price goes up, and unfortunately, there is currently a shortage of rental properties. A survey of property managers indicated that almost 70 percent expected that rental rates will rise over the next twelve months, and most believe the rate hike will exceed the expected 8 percent increase.

Current estimates show rental vacancies at a 20-year low, with little hope the number will change soon. The shortage of properties for rent gives property owners considerable power, because property owners can set a higher than average market price and still attract renters.

Difficulty Negotiating Long-Term Leases

In previous years it was possible for a tenant to negotiate a home lease for three to five years, since such an arrangement was a win-win for property owners and tenants. The property owners had longer periods of guaranteed occupancy, while the renters had some stability in their housing situations.

Surging demand destroyed the possibility of a long-term lease for most renters. Due to the volatility in rent prices, property owners are opting for only 12 month leases in most cases. After the lease is over, the property owner can raise the price, even if the price change means pricing the current tenants out of the market.

Rising Eviction Rates

With an increasing number of homes for sale, and so few to lease, property owners have little incentive to work with renters facing financial difficulties. Property owners are actively seeking ways to drive low rent tenants out of properties, so they can be replaced by someone paying up to 50 percent more. A renter who fails to make on time payments every month risks the immediate filing of an eviction notice.

Sage Realty LLC is a real estate company committed to matching buyers to the right homes for sale in Pennsylvania. Sage Realty’s expertise in minimizing the stress of purchasing a home makes us a prime partner for finding the right homes for sale in Wayne, PA and other Main Line communities. Contact us today at 610-687-4000 for more information or to schedule a consultation.

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I moved to PA from Washington State and learned that realty is local. There were things that I thought I knew about buying a house previously but boy was I wrong. Linda was very patient with me but also did not hold back when she saw potential problems, and always made sure I had all the information I needed before making a decision and didn’t belittle concerns to just get a sale. Above all else, and this was the most important thing to me, Linda has a high ethical standard, is very transparent in her approach and is someone I trusted making one of the biggest decisions of my life. – A. Lindsay (Courtesy of Google)

 

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  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Hear from our Clients

  • "We were so pleased that a co-worker recommended someone in the area that she trusted. Boy, did we strike gold on all counts. You are amazing!"
  • "Instead of trying to take advantage of conflicts of interest, she puts the client's interests first."
  • "Linda is a hardworking, proactive and knowledgeable realtor. Throughout the process of finding and buying our new home, she was always responsive and kept us up to date on every detail."
  • "Linda and the group at Sage are the right fit. You won’t find more knowledgeable, prepared and professional agents."
  • "Linda and Tracey really know the Main Line area."
  • "Throughout the entire process we never doubted that she always had our best interests in mind. We wouldn’t consider anyone else when buying a home on the Main Line."
  • "From start to finish, Linda brought to bear a most helpful combination of experience, knowledge, attention and integrity on a somewhat complicated transaction. There was never any doubt that she represented our interests."
  • "Her knowledge of the area helped us quickly narrow our search and ultimately scored us an amazing home in an incredible neighborhood."
  • "It is hard to trust when you are not sure of the rules of the game. Working with Linda made us feel like we were family. Linda took her time to relay and explain everything in detail."
  • "Linda’s honesty and real estate savviness made for a wonderful home buying experience!"

Read more about what our clients have to say

Sage Buyer Tips

Use Sage Buyer Tips to research the Main Line and stay up to date on real estate news. This online destination is chock full of resources for buyers and sellers: you can see our Main Line communities or explore Sage favorite places. Browse properties here and search other Main Line real estate. With Sage’s advice and experience, first-time buyers and those looking to upgrade can find homes best suited to their needs.