We recently read an article from The Palm Beach Post HERE that indicates an increased demand for rent to own homes.
The article discusses how a Realtor, Damien Barr, has started a new company geared exclusively to rental homes due to the increase in demand and rental rates in the Palm Beach market. This trend is being noticed throughout the country and looks to increase through 2011.
This trend also indicates a rising demand in quality rent to own home deals.
If a seller is having a difficult time competing with the low prices of bank-owned properties or they can’t afford to let the home sit for 8 months on the market, then offering the home as a rent to own SHOULD be your best option. As the article mentions:
“He knows, for instance, that people who have lost a home to foreclosure still need a place to live, and if they used to own a single-family home, they prefer to rent a house rather than an apartment. They will not be able to buy a house, however, because of poor credit caused by a foreclosure or short sale, or by other financial reversals, such as bankruptcies.
Even good candidates for a home loan still must come up with 20 percent or more in cash to obtain a favorable mortgage, a factor that will also lead people to rent rather than own, he said. In addition, the uncertain job market has some qualified buyers unwilling to make a commitment to purchase property.”
These families aren’t renting because they would prefer not to own a home. They are renting because their finances and credit were dinged by the housing bubble.
Our lease option homes fill usually within 30 days after we list them on the market.
If you are a seller. consider offering your home as a rent to buy home. If you are unsure how to put the deal together, you can check out our section on how does rent to own work.