Rental Market Overload

By
Real Estate Agent with Century 21 New Millennium 636665

     I noticed recently that I see so many renters out in the market. There are still those out there that don't realize the benefit of buying a new home. I think the negative media has given a stigma to buying a home. I tell everyone I come into contact with, that today is the right time to buy! Interest rates are low and so are sales prices!

I wonder if the rental market is going to have the same type of meltdown the housing market endured the last few years? If rentals are so active will it deteriorate the sales market? Just some thoughts.

Renter to buyer

Posted by

Century 21 New Millennium

Chris Hill  Chris.hill@c21nm.com

301-862-2169 (Work) 410-610-9032(Cell)  301-862-2179 (Fax)

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Rainmaker
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Sarah & John Rummage
Benchmark Realty LLC, Brentwood, Nashville TN 615.516.5233 - Nashville, TN
BPOR, ePro, Realtor

People have to be secure in their jobs to want to launch out and buy rather than rent. The 10.2% unemployment number which came out yesterday is not going in the right direction.  They may be renting for a while. :)

Sarah in Nashville

Nov 07, 2009 02:38 PM #1
Rainmaker
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Gabriela Agostinelli
Century 21 New Millennium - Leonardtown, MD
your full time agent!

I agree with Sarah.

Nov 11, 2009 08:09 AM #2
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I agree that the unemployment rate and the fear factor associated with losing a job will continue to feed the rental market - the unemployment rate can not be ignored in the equation of a recovering real estate market.

A caveat to consider with this that I have been experiencing - there are qualified buyers who are unable to find a property that meets their requirements who say even though prices are good, they will only buy a property that they feel is a good investment due to location, condition, etc. - and meets their needs- the basics of real estate, and as a good buyer agent we should certainly promote that line of thinking. Inventory is shrinking - and sellers are still not confident that prices are appreciating to levels that allow them to move on, hence are not putting desirable properties on the market unless forced to in many cases.

With one in four mortgage holders being upside down in their mortgages(whether a buyer is in a position to deal with a short sale purchase is another issue entirely) and many sellers who refuse to deal with buyers who continue to put sellers backs up against the wall - there are limited choices in many cases for those who do qualify. As unbelievable as it sounds, I have qualified buyers who have actually talked about renting because a property that is suitable for them is not available and they are moving to the area and need housing - not buying just for the sake of buying - buyers agents have their jobs cut out for them when finding properties that work for their buyers in many circumstances.

Nov 29, 2009 06:20 PM #3
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Chris Hill

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