While most areas of New York try to deal with the problem of expanding bank and Freddie Mac foreclosure listings, a big number of the state's residents have decided to stay away from purchasing residential properties and instead are looking for houses that they can rent.
According to some residents, instead of purchasing Long Island or Brooklyn home foreclosures or other types of residential properties, they find that it is more convenient for them to rent. They stated that renting a property gives them more time to consider any planned purchase and helps them avoid getting pressured into buying a house and ending up making a poor decision.
Those who favor renting over buying have explained that, with New York home foreclosures still posting record numbers, the housing market is still on a downturn and values of homes will continue to decline, making a purchase decision questionable at this stage. They also revealed that they would rather wait for the market to ride out the crisis before they would consider purchasing a property in the state.
Most areas of New York are seeing stronger rental markets and even though properties under bank and Freddie Mac foreclosure listings are way cheaper than ever before, majority of people looking for a home are still reluctant to take their chances for fear of ending up with a worthless piece of real estate.
The housing market seemed to be well attuned to residents' preference as evident in the rise of rental property inventories. For-rent single family dwellings have become hot commodities in most areas of New York, particularly in Long Island where rental properties have surged ahead of listings of home foreclosures in terms of growth.
A lot of home sellers have picked up the trend, with majority opting to rent out their properties instead of selling them at a loss. In some cases, properties are listed for sale and are also listed as rental places, all at the same time. Sellers who opt to rent out their houses have stated that allowing people to live in the property in exchange for a monthly payment also prevents the property from falling into disrepair. On the side of the buyers, a big percentage of them are more likely to peruse listings of for-rent properties rather than bank and Freddie Mac foreclosure listings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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