The downturn in the housing market in recent years has had a memorable effect on both buyers and sellers, and of course, real estate brokers. One particular segment of buyers has had a particular impact on my business, and that is the medical school residents. In years past, I would help a number of medical school residents purchase homes for their two year residency. At the conclusion of the residency, and following their appointment to their next destination, I would usually help them sell that same home. However, the decrease in housing prices coupled with the increased inventory has led most residents to choose rentals during their time in Triad. By renting, they do not have to deal with negative equity in their homes after two years and they do not have to contend with an increased “days on market” during which time they have to pay such expenses as vacant homeowner’s insurance and lawn maintenance among other others. Besides, many of the residents can rent great homes at an affordable price, considering many sellers decide to become landlords. Until the housing market hits full recovery, I can only lament the loss of an important segment of my sales, but I can take comfort in knowing that I now offer property management among my services. All is not lost……
25 Jan
