With higher levels of inventory on the market, it’s inevitable that some homeowners simply won’t be able to find buyers for their homes. A viable and increasingly popular alternative is renting your home, or offering a lease-to-purchase option. This will allow you to cover your current mortgage payment and purchase your next home if you must move (due to job relocation, etc.).
Being a landlord isn’t for everyone. Here’s an excellent article from CNN Money which explains when you would want to rent rather than sell your home, if you’re a good candidate for being a landlord, and how to build a team to handle the transaction effectively.
Personally, I’ve been getting a few calls a week from people looking to rent homes in West Hartford, rather than buy. They’re hesitant because of the current mortgage market and wonder if housing prices will continue to drop. Local sellers are also becoming more aware of the situation and are increasingly offering a lease option when listing their property for sale in the MLS.
As a seller, the more options you offer for someone to cover your mortgage, the quicker you can move on to your next home. Just something to consider as we deal with a changing housing market.