I just got another call from someone wanting a rent-to-own.
Most of the calls (and there haven’t been many calls) for my current vacancy have informed me that they are looking for a month to month rental because they plan to buy this spring. Within the past 3 days, I have had 2 people ask me to sell them a house on a rent-to-own.
So it looks to me like the retail buyers have waited about as long as they can make themselves wait.
Last fall, I would get calls from people who told me that they planned to wait a year for prices to go down and then they were going to buy. This year, they don’t want to wait any longer.
Normally, pent up demand would move listings fast, but apparently, potential buyers are having a hard time getting mortgage money. They are applying and getting denied. That’s going to artificially hold the market down.