Saturday, June 28, 2008

Leasing Market Heats Up

As lenders have tightened up credit in the wake of the foreclosure fallout, many people are finding they can no longer afford to buy a home resulting in rents rising around the area.

For example, a condo I listed last year leased for $1,400/month while this year they are getting $1,550/month. Many of the first time buyers I'm working with are telling me they are buying because it's cheaper than what they'll pay when their lease is up. If you'd like to check out whether you can buy, give me a call.

If you plan on moving out of the area in the next 2-3 years, it's likely leasing may make the most sense. Here are a couple of properties listed for lease to check out:

11667 Morgan, Plymouth

3 bedroom, 1 bath Plymouth Ranch with 2 car garage and fenced yard

42661 Faulker, Novi

3 bedroom, 2.2 bath Novi Cape Cod with gourmet Kitchen, finished basement and 2 car garage

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