With mortgage industry having troubles and lenders starting to go back to making loans based on good credit and money down we will see many more people rent for longer periods allowing themselves to save money for a down payment and fix any credit problems.
What does this mean for the Real Estate market?
- All those flippers that got stuck may be able to finely get their properties rented if they can hold on long enough.
- The real investors will start to see an increase in what they can charge for rent.
- We will see more qualified buyers which makes a Real Estate transaction much smoother.
This is a good time to buy. Rates on loans will continue to creep up, asking prices are coming down, Values continue to increase, and it looks like the rental market should get strong.
Remember Real Estate is local no matter what you hear in the national media. Know your area and you will be fine.
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