[quote=Jazzman]All makes sense. Over supply of rentals is going to depress rent price. Doesn’t matter where it is?
BG can you explain your comment “If you need a home for your family now, ignore it at your peril.”? Do you expect home prices to increase dramatically soon, and if so what perils are you so fearful of. With so many complaints from buyers of no inventory, and prices rising pretty quickly, I’d continue to rent especially if rents are softening.[/quote]
The perils of the wanna-be Pigg buying crowd (yourself included in the first two categories, Jazzman :)) are threefold, in order of impact:
-waited too long to buy due to being overly picky
-perceived inventory shortages, leading to less ability to be picky
-interest rates could gradually rise, leading to even less ability to be picky, and even possibly being eventually shut out altogether
All the current buying problems can be fixed if today’s homebuyers were “less picky.” I didn’t say that they should “lower their standards.” I said they should be “less picky.”
“Pickiness” and lack of being able to see the forest for the trees on the part of many buyers is the elephant in the room here … not “lack of inventory.”
As a prospective seller in the coming year, I have no fears. I will either receive one or more acceptable offers, one of which I will accept or place my home into rental service.
And I don’t have any fear whatsoever of finding a qualified tenant for it.
How is it do you think “rent softening” in some areas is going to affect resale values, Jazzman? And would you personally buy a home for yourself which had been a former rental or buy a personal residence located within a sea of former rentals which were now listed for sale due to “rent softening?”
