High Rental Rates Attract Home Buyers in the San Ramon Valley

High Rental Rates Attract Home Buyers in the San Ramon Valley

© Stuart Miles – Fotolia.com

Any family looking to relocate to the San Ramon Valley may face a bit of shock as the rental prices for single family homes continue to be in favor of the landlord.

The San Ramon Valley continues to be a popular place to raise a family.  Its vicinity to popular vacation destinations and working hubs such as San Francisco and Silicon Valley make the areas surrounding San Ramon and Danville very attractive.  With its excellent schools, bountiful parks, quaint restaurants, retail outlets, and miles of beautiful trails, the San Ramon Valley tends to command a higher price tag.

Families looking to rent in the area can expect to pay anywhere from $3,000-$4,000 a month for a three or four bedroom home.  Those prices can be even higher in some of the more affluent areas of Danville, Blackhawk and Alamo.

Over the last couple of years  the rental market has heated up. Many families were forced to move from owning to renting due to a foreclosure or short sale. This higher demand for rental homes has pushed prices up beyond the monthly cost of ownership.

Renters face some disadvantages to not owning their own home.  They cannot alter the home to accommodate for family or life changes. People who rent don’t get tax benefits, nor do they get to take advantage of increasing equity.  They are also subject to rental increases or even displacement due to the owner selling the property or moving into the property themselves.

When families consider that rental prices in this area can be higher than a mortgage payment for the same home, they realize that it may be time to become homeowners.

The spring and summer months are just ahead, which is typically the busy season for real estate.  This year may provide a good opportunity for renters to make the switch from renting to owning. Homeowners who have been waiting to sell may be inspired by the warmer weather or the influx of buyers who traditionally wait for the spring and summer months to buy a home.

Times are changing.  Foreclosures are down, and the housing market seems to be moving in favor of sellers.  With any product or service, supply and demand dictate prices.  With more homes on the market, prices are likely to stabilize, allowing renters the chance to become homeowners themselves.

With all of this in mind, renters may very well be on the lookout for the new homes on the market.  With the proper down payment and a low loan rate, renters may find that exchanging a 30 day notice for a mortgage statement makes the most economical sense.

If you are planning a move to the San Ramon Valley Area, Villa Properties can help. Experts in competitive market analysis, we can help you understand the real value of your current home and help you get into the home of your dreams.  Email us today or call (925) 519-0794 and take the first steps into your new home.  Check out our testimonials to hear what great things our past clients have said about our services.