House not selling?
This might be why – rentals on the rise.
Inman News reports the new real estate boom is rentals. Houston is no different. In September 2010, 2,432 rentals closed according to the Houston MLS. In 2011 that number was 2,768.
There are many regional and economic reasons for this. The hardest hit group in Houston is the homes over $200,000. Many homes in the $200,000 – $250,000 price range are staying on the market longer than their owners can afford to wait and this is creating a new surge in the rental market.
Here is a graph that shows a breakdown of different price ranges and their average days on market. These are homes sold in Houston in September 2011.
As you can see, homes in the $200,000 range spent the most time on the market. While this is still lower than the average in 2010 of 198 days, this has created an opportunity for homeowners.
- Hold on to your property and wait out the housing crisis
- Build equity in your home
- Downsize or relocate without waiting to sell your existing home
- Keep a family home in the family
- Tax benefits
Before you decide to don a landlord’s hat, be sure you’re ready for all the things that come with it! MSN offers some helpful tips about renting out your home here.
If you currently have a home listed for sale or you just want to learn more about your options, call The CHRIS WYLIE TEAM today. You can always Count on Chris.