In the past two weeks I have received in access of 20 or more calls from customers who are calling my agency wanting not to purchase but, instead are wanting to Lease. They do not want to do a Possible Lease Purchase or Lease Option. They are looking for a straight Lease.
This can be looked at as money we didn't have but, I find it a bit disturbing. After speaking with several of these potential customers and gathering a little information what they are doing is walking away from the current mortgage and needing a home to replace the one they have just left.
They can not purchase and they are looking at these Lease's as long term. One Customer explained that he had not walked away yet but because his Lender had worked a repayment plan with him which included an Adjustable Mortgage Rate his payments were climbing each month and he felt he had been given no choice at this point but, to walk away.
I have completed 6 transactions all of which have been Lease's. As a Realtor I hope this is not a sign of the things to come. I hope these are just small waves and will past so we can get back to a Buyer's or Seller's market.