The housing market, at least in the US, is a bit topsy turvy. It’s a buyer’s market, with plenty of people hoping to get out from underneath their own house and upgrade to something that will fit their expanding family. Take my friend KT for example: she is in the process of doing that very thing. She’s in a good position, though. They’re buying and selling at the same. Some people aren’t.
What I can’t figure out, is why those people with the “unbalanced” Mortgages don’t just rent their houses out to schmos like my husband and I, who really want a house to rent, but can’t afford or don’t want to buy a house right now? We have a condo right now, but of course my husband wants a ‘bigger than one stall’ garage, and despite our many attempts to suggest so, our doors haven’t been caulked around, so in the winter we get a cool breeze and in the summer little bugs can crawl in under the door. A house would hopefully have a little better construction.
If so many people have ended up with a mortgage they can’t afford, why don’t they move into a lower rent place and rent out their own house for a year or so and wait on the market to rebound? Then they can keep additional debt from weighing them down and make a little money on the side. Sure, they’d have to take care of the house for the tenants, but they’d have to do it on their own anyway.
We’re hoping that with the possible change in power in the US that the markets will once again be at a steady pace. The American dream will be able to get back on track and once again people will be able to afford the home that they really want.