Posted by Scot Campbell July 6, 2011 – Source SoCal MLS
Mid-Year Market Update – 2011
Both tenants and landlords have heard horror stories related to free online classified ad systems, and both now appear to be seeking the services of reputable real estate professionals for the leasing of residential real estate.
Realtors list homes on the MLS system with color pictures and complete descriptions. Tenants can access the information from a variety of top notch websites.
So far, 2011 has been a good year for leasing homes in Huntington Beach. According to SoCal MLS records, the first six months of the year saw 144 closed leases (a 9.09% increase over 2010) with an average lease rate $3,188 per month for a property with an average 2,023 square feet of living area. Homes are leasing faster too… just 27 days in 2011 compared to 44 days in 2010.
In 2011, rents increased about 1.08%. Will rents continue to rise? Probably, because many would be homebuyers are following a “Rent & See” homebuying strategy. These are tenants who will buy a home, when the right home comes available, but they are taking their time. This added demand for rentals seems to be favoring landlords.
Scot Campbell is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA. He has been a licensed broker for over 21 years and has brokered over 1000 homes and just about every type of transaction imaginable. On his website you can search for homes and obtain an instant home value report: www.RealtyDigestOnline.com He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com