Home Buying in 35801>Question Details

debznurse63, Home Seller in Huntsville, AL

Why is it that a lot of people are wanting to rent and not buy? This is the time to buy!

Asked by debznurse63, Huntsville, AL Tue Oct 2, 2012

I have a wonderful 3br home in the medical district,35801. It has been fsbo for a week now. Most of my callers have wanted to rent.

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Martha Daniel’s answer
Since the recession hit, additional regulations have been pleaced on Mortgage Companies that will not allow them to make questionable loans. Before the recessions, you could easily obtain 100%, or sometimes 110%, loans, and that is not possible today. Plus, credit scores must be at least 640. There were some charges that could be financed in with the loan. With all the changes that require more money to purchase a home, buyers sometimes rent until they can save the money, or work on their credit score.
With todays mortgage rates, it is much cheaper in the long run to purchase a home. I would advise anyone thinking of buying, that NOW is the time. I doubt we will ever see this low interest rates again.

Martha Daniel
Realtor/Broker Associate
RE/MAX Distinctive
1 vote Thank Flag Link Sun Oct 7, 2012
For the most part, it comes down to their credit status and educating the buyer/renter. Some buyers haven't given much thought to buying because they never have. If you would like help screening the potential buyers or would like to discuss your options with selling your home feel free to contact me anytime.
1 vote Thank Flag Link Tue Oct 2, 2012
Many people have recently moved to Huntsville and want to rent for a year to learn the area before they commit to a home. On the other hand many people have insufficient credit to qualify at the present and are renting until they can repair their credit and become qualified to purchase with a conventional or FHA loan. If you would like to consider a realtor to help you sell your property, I would be happy to sit down discuss the advantages of listing with a realtor. At any rate I wish you the best of luck with selling your home.
1 vote Thank Flag Link Tue Oct 2, 2012
With the recent political unrest and downturn of the economy many people prefer to rent to make sure the market is really coming back. Many are coming out of a short sale or foreclosure and are unable to obtain a mortgage at this time. You may also want to look at your ad and where you have it placed. If it is on craigslist, many people are looking for rentals, not homes to buy. In order to gain the maximum exposure to the largest audience of buyers, you need access to the MLS. As you have seen, there is a valuable benefit to using a real estate professional to sell your home. Good luck and hopefully you can find a qualified buyer soon but if you give up, interview a few agents and find a local expert with strong recommendations.
0 votes Thank Flag Link Thu Oct 31, 2013
I would bet that you would find that most of those have severe credit issues. Many probably have been foreclosed on

Additionally, with a FSBO, you are not getting the exposure that you would get with listing with a real estate agent. FSBO's have a perception of often being over priced.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Oct 3, 2012
I'm a Realtor in Birmingham and am running into peopel wanting to rent all the time. I tell them that it is cheaper to buy in some areas than to rent a same size home and so far no one has the credit to qualify for a loan. I'd say that with the credit market tightening as it has the last few years that we'll have this issue for a while. There are qualified buyers out there and the smart ones know it is the time to buy. There are just a bit more non-qualified still it seems.
Best of luck in selling your home.
0 votes Thank Flag Link Tue Oct 2, 2012
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