I recently saw a report on MSNBC that more than half of potential homebuyers say they’re still not ready to enter the housing market, according to a poll conducted by Realtor.com. Their biggest concern was that they would lose their job and be unable to support the new home. Other fears potential homebuyers expressed in the poll was that they were bothered by falling home prices and worried that they would be unable to sell the home they were currently living for enough money.

I have also noticed this reluctance among my customers, and while restrictive credit is prohibiting some possible buyers from taking action, even those folks who could easily get a mortgage loan are concerned that prices will continue to decline. And, although many see that with foreclosures dominating some markets there are great deals to be had in the market right now, they are still not willing to take on such a large financial risk.And a lot of consumers believe that buying a foreclosed property is much more complicated than a straight purchase.

The poll by Realtor.com also found that Americans generally are skeptical about Obama’s plan to alleviate the foreclosure crisis by giving the lending industry $50 billion in incentives to lower borrowers’ monthly payments. Only 28 percent of those surveyed said the plan is working, compared with 41 percent who said it isn’t and 27 percent who didn’t know.

What does all this really mean, though? I am finding that, at least for now, many purchasers as well as sellers are choosing home rental over home buying.   

Renting gives those relocating an option to test out the market and find the right fit, and allows those needing to upgrade a chance to do so much sooner than they might be able to in these current conditions.Those who might otherwise sell their home are also finding renting an attractive option, as it allows their property to recover its value as the real estate market improves.  Until there is a real shift in the market and consumer confidence, renting will continue to be an attractive option for many would be purchasers.   

 DenverRentAHome.com can help those in the Denver, Colorado and surrounding areas with over 75 years of combined expertise in the residential rental and property management fields.  Homeowners can now post their properties online for FREE for two weeks, followed by a low monthly fee. And prospective tenants can now get pre-qualified online! Visit www.DenverRentaHome.com for more information or call 303.681.6767.




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