The fact that more than one-third of Americans are at or close to their monthly credit limit does not bode well for homeowners looking to sell 'starter' properties to first-time and lower income buyers. Lenders and brokers face similar challenges trying to increase business even when the potential audience is shrinking.
It's easy to think that consumer credit problems are a separate issue from the real estate community, but that is not always the case. If consumers can't get loan approval because of this, can't afford a down payment, and are not able to commit to a long-term living space, their choices become limited for the short-term.
Real estate developers and builders, providing housing in lower price ranges may wish to consider build-to-rent or reduced down payment situations. Some brokers don't like to deal with rentals, but doing so is a great way to learn when a lease is up and the financial status of the client.
The "Cottage Homes On Wheels" Program I work with allows investors and agricultural land owners to place short-term rentals, long-term rentals, and student housing (when within minutes of a campus) for well below market rates. I can help with starting within 100 days. In addition, my real estate research and consulting services can help overcome these consumer obstacles as well!
https://abc7chicago.com/post/credit-card-debt-37-americans-have-maxed-come-close-bankrate-report-finds/15548202/
Posts
No comments:
Post a Comment