Diana Olick recently named Chicago the nation’s number one buyers market in CNBC’s Reality Check column. This article is further proof that our local market divergences are growing wider as the the housing market continues to show signs of recovery with a shrinking inventory of foreclosed homes. We couldn’t agree more with Diana Olick and we have been telling folks this for awhile now; the perfect combination of economic factors makes Chicago the best location to invest in.
CHICAGO (November 9th, 2012) – When Thomas Grant, 50, and his wife Michelle, 41, realized they had outgrown their rental home they were worried they had boxed themselves into a corner.
The couple knew they didn’t want to continue to rent a home, but they were also afraid low credit scores due to Thomas’ job loss a few years ago would prohibit them from buying a home, even though Thomas now has a job as a research analyst.
“I knew I wanted to get out of a straight rental arrangement,” said Thomas. “I’m only going to be working another 15-20 years and I don’t want to rent in retirement. It’s important to me to start paying down a mortgage soon and make my cost of living much more affordable when I retire.”
Warren Buffett recently appeared live on CNBC’s Squawk Box with Becky Quick and spoke about the opportunity associated with investing in single-family homes. Mr. Buffett says, “If I had a way of buying a couple hundred thousand single-family homes and had a way of managing them, I would load up on them.” Buffett goes on to say that if held for a long period of time and purchased at low rates houses are even better than stocks.
CNBC recently reported that millions of Americans who lost their homes in foreclosure are driving demand in the rental market. So much so that Oliver Chang, Morgan Stanley’s head of U.S. housing strategy and research believes it is time for institutions such as hedge funds and private equity to enter the Single Family Rental market. Please click on the image or link to view!