Have you noticed an increased number of homes and condos for lease? While it seems logical that since the market has softened, sellers would entertain the idea, I was surprised by the extent of it, particularly with condos. For example, homes leased in Northville and Plymouth rose by 133% and 126% respectively, while the number of condos leased in Plymouth rose by 187% and the number of condos leased in Northville jumped by 218%...more than double!
During my first six years in the business, I wrote only one lease. In 2007, I wrote three, all on properties I had listed for sale or for lease. It's not really surprising because between credit tightening up and people being nervous about their jobs, they are not as eager or able to jump into homeownership.
So if you're trying to sell but not having any luck, you might want to give leasing a try. A great resource for leasing homes and condos is Craigslist.org, but be wary of any overseas inquiries as there are a few scams out there.
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