Thinking About Renting Your House Instead of Selling? Read This First.
If your house is on the market but you haven’t gotten any offers you’re comfortable with, you may be wondering: what do I do if it doesn’t sell? And for a growing number of homeowners, that’s turning into a new dilemma: should I just rent it instead?
There’s a term for this in the industry, and it’s called an accidental landlord. Here’s how Yahoo Finance defines it:
“These ‘accidental landlords’ are homeowners who tried to sell but couldn’t fetch the price they wanted — and instead have decided to rent out their homes until conditions improve.”
And right now, the number of homeowners turning into accidental landlords is rising. Business Insider explains why:
Stay up to date on the latest real estate trends.
The right strategy matters more than old market assumptions.
More time on market can mean more room to negotiate.
Lower asking prices are bringing buyers back.
Lower asking prices and better supply are easing the search.
Negotiation is becoming part of the selling process again.
Inventory tells the story behind local shifts.
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