Just a thought!

Why are there so many people renting and there are TONS of homes on the market for less then paying RENT!
  • December 29 2013 - Baltimore
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Answers (7)

Profile picture for blue screen exile
There will always be about 40% of the population renting... we already saw what happens when the government and agents try to force it to be less renters and force people that are not ready to own try to own... bubble, people owning that shouldn't have qualified, bankruptcies, and foreclosures.

People can buy when they are "ready", and when they plan to stay in the same area for a while, such as 7 years or longer.  Buying before one is ready, or when they need to maintain mobility for school or work... makes no sense of any kind.  Also owning when one is not prepared to do the required maintenance doesn't make sense either.  And if one doesn't have steady income and doesn't have a financial cushion?  Renting can be more versatile.

Yes, of course rent to purchase ratios are always something that one should look at regardless if renting or purchasing.  But that will never be the only factor.  And there always will be living options that cost less than $10 per night..... but that may not be the right choice for many people.
  • December 30 2013
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NOT in my area...
  • December 29 2013
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I know what you're thinking. These people haven't talked to a Realtor. You may be right. From my experience, these clients are mostly in a position where credit is 500-620 and they have never been approached by a professional to help them get to 640. They may also need to spend money that they may or may not have to pay off debts/collections. That money takes away from a down payment although after paying the debts their credit may rise above the 640 limit for FHA. Short term rentals are hard to find and it's sometimes a revolving door. We need to help these clients for a longer time and some realtors don't see the value in a long term client. That's my take
  • December 29 2013
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I don't see that there are "tons of homes" on the market, but, you're right, Rori, and renters are going to be headed out in droves starting next week to pick off some prime listings for themselves!
  • December 29 2013
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Some people are just not able to get approved for financing.  Lenders are continuing to tighten up guidelines which makes it very difficult for people to get a mortgage loan.  On Jan. 10 the new qualified mortgage rules will take effect which may make financing even more difficult for buyers.  I can't stress enough how important it is to refer your customers to a lender that knows the ever changing mortgage industry well enough to help your customers.

  • December 29 2013
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Profile picture for wetdawgs
It is pretty simple, there is a lot more involved in home purchase besides monthly payments.   A good agent knows this and can help their clients identify that sometimes it is not wise to purchase.

Just saying...
  • December 29 2013
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Many families have done short sales and can't purchase yet.  Many have had foreclosures, Some have just moved to an area and want the flexibility of getting to know their town before figuring out where to buy.  There are tons and tons of reasons to buy right now - but there are many very good ones why people choose not to.  There is also inventory issues in much of the county. Right now in the Seattle area t there is less than 1.1 months of inventory , so if you have very little down, you may not be able to get an offer accepted.

I get your point, but it isn't always as easy as we'd like it to be to purchase a home.
  • December 29 2013
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