Good Afternoon, folks -

More and more often, here in Chicago and in the suburbs, home sellers, frustrated with stagnant or falling real estate prices, are renting out their old homes or condos, rather than selling them.

In such cases, the rental decision is made reluctantly, and often as a last resort.  Sellers biggest fear is that tenants will destroy their beautiful home, and make it unsaleable down the road.  In many cases, potential monthly rent will not completely cover the mortgage, real estate tax, and assessment payments on their old home.

However, faced with a possible sale price perhaps less than the amount owed on the mortgage, or of having two mortgages at the same time, or of having to stay in a too-small house for their growing families, many frustrated homesellers are becoming "temporary landlords."

For our take on this, relating specifically to our Chicago Real Estate Market, but applicable anywhere, please view our Blog Center at BlogChicagoHomes.com.   Also check out Marilyn Kennedy Melia's article in last Sunday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO