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Homes for Rent Will be in Higher Demand

By Chul KIM McGuire

Real Estate Sales Representative with CorpusTV.com

October 07, 2007 03:53 AM

With increased pressures on tightening on how mortgage companies and investors loan money to home buyers, I believe that that will leave many people to Renting More and for longer periods of time. Why?

Some people with specialty loans (e.g., adjustable) will lose their homes because they can't afford refinancing.
Some people with imperfect credit will not be able to get into homes.
Some people who don't have down payment money will not be able to get in because 100% financed loans appear to be disappearing every day.
Sellers who have to sell because of move, have to sell, or other reasons may not be able to sell their homes as quickly as needed/desired for their area.

So, Rental Location Service and Property Management will become in greater need.

Any thoughts? What's your area like?

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Linda M. Cataldo

Dock Street Realty - Myrtle Beach, SC

Beach Destinations Realty Myrtle Beach

I hope you are right. Our company Beach Destinations Realty has been advertising to fill 6 units for a month and so far the number of credible inquiries is abysmal.

Oct 07, 2007 03:55 AM

Robin Rogers

Robin Rogers, Silverbridge Realty, San Antonio, Texas - San Antonio, TX

CRS, TRC, MRP - Real Estate Investment Adviser

Hi, Kim:

You're right on the money. San Antonio is a buyer's market, and there are some great investment properties and a healthy rental market.

Linda Cataldo is noticing something that I think is inevitable with the subprime mortgage meltdown--more tenants who were unable to become home buyers because they don't have good credit. Landlords may have to be more flexible with their guidelines and rent to these folks.

In my experience, someone with poor credit doesn't always turn out to be a bad tenant.

Cheers,

Robin

Oct 21, 2007 10:50 AM

Chul KIM McGuire

CorpusTV.com - Corpus Christi, TX

Robin,

You sound like you're an n-PRO at rental properties too.

Clck on n-PRO.

Cheers, KIM.

Oct 21, 2007 11:06 AM

Linda,

My younger sister and her family vacations down at Myrtle Beach couple of times, if not more, a year. Her associate dentist owns a home down there that he uses on and off.

I'll be sure to refer my sister to you if and when they may be ready for a second home, and if that may be down there. I'm trying to get her to get something here on Padre Island or in the Florida Keys. (I love the Florida Keys.)

Oct 21, 2007 11:11 AM

Homes for Rent Will be in Higher Demand

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Chul KIM McGuire

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