Some homeowners opt to rent out homes instead of selling
Updated On: Feb 19 2013 05:57:06 PM MST
Real estate analysts say the housing market is looking up. A buying and renting trend started about a year ago.
When renting occupancy is up, buying is down. Right now more people are renting than ever, at a rate of 98-percent occupancy.
People have been opting to rent out their home instead of putting it on the market.
Mortgage lenders are better now at getting buyers through all of the qualifying paperwork than they were over a year ago.
The housing market crash of 2008-09 brought stringent federal regulations to mortgage forms, and that slowed the market down considerably.
Daniel Day, a lender at Bank of Montana, says many of the extra stipulations on home loans have been eased and homeowners are beginning to navigate mortgages more willingly.
They’re taking advantage of the all-time low interest rates on standard 30-year fixed mortgages.
Mackenzie Dixon, a realtor for Lambors ERA, says some homeowners are even doubling their mortgage each month by choosing to rent.