With the frenzied housing market coming to an end, some sellers are considering putting their homes up for rent instead.
Rising mortgage rates and lower buyer demand are causing sellers to feel less hopeful about garnering high prices for their homes. As a result, they’re weighing their options when it comes to whether to wait out the market, try to sell now, or consider renting the home out for the interim.
“Sellers are starting to realize that there may be a correction in prices before they level off or go up again, which could take years. The situation is more along the lines of whether they cash in and take their equity gains, hold the property as a second home or investment, or wait and see how the market reacts over the next few months,” said Brian Pearl, principal agent with the Pearl Antonucci Group in Boca Raton, Florida.
