Home Prices Soar


Nearly every time statistics are published regarding the housing market, renters benefit from the good news in some way. Now, home prices are once again rising, reassuring renters all over the country. Renters get the best of both worlds; they can take advantage of the improving economy, while avoiding the increases in home prices by renting.

According to the Federal Housing Finance Agency (FHFA), in July, home prices rose 1.0 percent since the previous month, totaling in a 12.5 percent price increase since January 2012.  July also marked the 18th month in a row to see increases on the House Price Index- Purchase Only, conducted by the FHFA.

Additionally, the S&P/Case-Shiller House Price Index – 20 City Composite grew by 12.4 percent over this past year.  This contributed to a 21.2 percent gain on this index since March 2012.  Despite these current gains in home prices, there is still much more room for improvement.  Basically, this means that home prices are going to continue to rise until they reach pre-recession levels.

It’s clear that housing markets are improving everywhere in the country, including Manassas. Pulling statistics from Trulia.com, the median sales price in our city has increased over 20 percent since this time last year.  While increases in home prices mean that the economy is recovering, it doesn’t help out those who want to move into a new home.  And, as Manassas becomes a more popular and desired place to live, home prices are only expected to keep growing.

Renters in Arcadia Run can live in this great area, without paying for an expensive house.  Our apartments are all newly built, luxury apartments.  They incorporate features not likely to be available in other residences; like extended windows, new designer cabinets, and granite kitchen countertops. The amenities offered to renters are equally as impressive, including a jogging trail, a playground, a fitness center, and a swimming pool planned for 2014. Arcadia Run is also in close proximity to Washington D.C. and major highways, ensuring you get everywhere you need to be.

You too could live in the charming historic Manassas, in an expertly built apartment.  When you rent in Arcadia Run, you get all the benefits of owning a beautiful, quality home and much more, but without drying out your bank account.


The National Association of Home Builders (NAHB)


14.5% of US Homeowners Underwater

 Just one more reason why you’ll be happy you’re renting: Despite gains in the real estate market and increases in home prices, millions of homeowners still owe more on their home than their home is worth. 
When the housing bubble burst a few years ago, home values dropped dramatically.  Homeowners lost upwards to 60 percent of their home’s value in just a matter of years.  Salaries were cut and employment dropped, but many still had to pay their mortgages on a home that was no longer worth the price.
As a whole, American homeowners are missing $428 billion of equity that has yet to be recovered. According to CoreLogic, a residential property analytics company, this puts 7.1 million people, or nearly 15 percent of all homeowners, underwater on their mortgages. Unfortunately, many still have a long and taxing road to recovery, if they recover at all.
The Chief Economist for CoreLogic says, “In just the first half of 2013, almost three and a half million homeowners have returned to positive equity, but the pace of improvement will likely slow as price appreciation moderates in the second half.”  While many remain optimistic from the major improvements in the housing market, homeownership may no longer be an option for millions of Americans.
This daunting reality has encouraged more and more people to rent instead of buy.  And with the headache that so many homeowners will continue to face in the future, there’s no better way to enjoy your home than to rent.  Renters can live in nicer apartments for less – without the fear of losing their house.
Also, for those who aren’t ready to take on the extra costs that come with owning a home – like maintenance, repairs, homeowners insurance, and much more – renting is the perfect option for your active lifestyle.
Arcadia Run offers the best of apartment living at a huge pricing advantage.  Renters live in homes with the best, most up-to-date features, and only pay a fraction of what homeowners are currently paying.  Within the next year, Arcadia Run residents will also enjoy a jogging trail, a playground, a fitness center, and a resort-style swimming pool.
All of this without the stresses of homeownership, what could be better?

Source: Money Watch – CBS News