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Victory Real…, Real Estate Pro in Wilmington, NC

Are more people renting rather than buying due to the rocky housing market?

Asked by Victory Realty, Property Management & Consulting, Wilmington, NC Tue Nov 1, 2011

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2
Hello,
Yes, the rental market is red hot right now in many areas of the country. This can be attributed mostly to the high rate of unemployment. Lending guidelines have really tightened up which removes some would be buyers from purchasing as well.

But...I can tell you that in my area single-family home sales at the entry level have improved. First time home buyers who are eligible are taking advantage of low prices, historically low interest rates, and plenty of inventory.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Tue Nov 1, 2011
Yes a lot more people are renting because they can't afford to pay with today's economy, which is the reason that prices are so low. Great time to buy a property and started renting. However be careful, today's economy also means more people are down on their luck or out of a job. Tenant screening is important or you could end up renting to someone who can't pay rent.
0 votes Thank Flag Link Tue Nov 1, 2011
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