The Sub-prime Crisis and the Rental Home Market
Charlotte does not seem to be affected quite as much as the rest of the country by the current housing slump. We have about 80,000 people a year coming here. I am sure that as the banks start laying people off we will get hit. The rental market has improved dramatically. Our company works the middle of the market, renting mostly to middle class tenants. We have found that our homes rent almost as soon as they are ready for occupancy.
I have a friend who does mostly lower end properties. He says that the rental market for him is the best it has ever been. I have not spoken to anyone in the higher end rentals or anyone who does the executive (fully furnished short term) homes. I don’t know how well that market is doing.
The rental market got really bad at about the same time that credit got really easy. Many people that we had turned down for rental or evicted were able to buy homes with 100% financing plus enough cash to pay off their credit cards so they could qualify for the loans. In the middle of that mess, were opportunist who were buying properties for resale. They would “fix them up” with cheap materials and poor workmanship and find a crooked appraiser and a crooked loan broker. Why do we have a foreclosure crisis?
David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment