The media is making no secret of the fact that it's tough to sell a home these days. And, with so many foreclosures, prices are still taking a beating. If you've had your home listed for sale for a while, it may seem like there's no choice but to wait out the current situation. If you need to move for job reasons, this can create a lot of financial hardship, especially if you must move and maintain two homes, one empty and a financial burden.
A recent survey of renters showed that more than 25% of those currently renting a home in which to live are saying that they have no intention of buying a home. They will continue to rent indefinitely. It's not hard to believe, as they are witnessing others losing equity and even their homes. But, there's a silver lining in this black cloud if you have a home that you just can't sell right now without taking a loss and bringing a check to the closing table. There is a growing demand for quality rental homes, and you just might be able to cover your mortgage payment and even more.
If you purchased two or more years ago, today's low rates may help as well. If you can refinance, the new payment may be low enough to offer a positive cash flow from renting the home out. If you're being squeezed into a situation where dumping a home at a loss seems to be your only option, take a look at this rental option. Look at rentals in the newspaper to see what homes comparable to yours are going for. Making lemonade from today's market lemons could be turning a problem into an investment.