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Local Home Sellers Look to Leasing

Posted February 19, 2008
Updated February 20, 2008

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— Not only are foreclosures up in the Triangle area, the number of houses for sale is also on the rise – and so is the number for which owners will sign a lease.

For example, in January 2007, there were about 10,700 homes for sale in Wake, Durham, Orange and Johnston counties.

This year, that number is up to more than 13,400.

With more homes on the market than people to buy them, rentals are growing in higher-end neighborhoods.

Rick Abdella, a real estate agent with Keller Williams Realty, says homeowners anxious to sell are turning to rent their properties so they don't lose money.

For example, houses worth up to nearly $1 million are going for about $5,000 a month in rent.

Investment developer Scott Snyder, with Raleigh Investment Real Estate, says it's a good market to buy rental homes, but he believes higher-end rentals are not moneymakers.

He says it's difficult to find people willing to pay the high prices.

"We find that people are going to be more likely to want to rent if the home is in the mid-$100,000 range," Snyder said.

Abdella says homes are still selling for those who can wait. But he says the average wait for sellers is 50 percent longer than it was at this time last year.

"If a home was on the market for about 30 days last year, then you can expect at least 45 to 60 days this year," Abdella said.


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  • hazeyc Feb 20, 2008

    Hey, set me up with a great rent-to-own payment and I'll take that million dollar house off your hands.

    Of course the payment would have to be $2k or less.

  • hazeyc Feb 20, 2008

    Bush couldn't concoct this mess - he hardly understands economics.

    Yesterday's quote from The George W. Bush Out of Office Countdown calendar "Recession means that people's incomes, at the employer level, are going down, basically, relative to costs, people are getting laid off." 2/19/2004.

    This is a man who does not understand these things.

  • Central_Law Feb 20, 2008

    "Bush manipulated this country into a needless war "

    Spare me, have you not ever read the Authorization for Use of Military Force. If you think that Bush or Republicans are the only ones culpable for the war in Iraq then you must get your news from Jon Stewart.

    Furthermore, it's ridiculous to assert that the money being spent on the war is in some way the cause of millions of Americans having no concept of money.

    I just love the way Democrats can find a way to blame anyone for their problems except themselves.

  • RaleighRob Feb 20, 2008

    Renting out a million dollar home for 5 grand a month is kind of silly. If I could afford that, I'd just buy a house in the 300k range!
    There's nothing wrong with renting of course...I still do it...but if I could afford 5 grand a month, I wouldn't!

  • TOMMYG Feb 20, 2008

    Bush manipulated this country into a needless war that is draining our national treasure billions of dollars per month. The money is flowing out of this country with no multiplier effect that would occur if it were utilized in this country. Our competition is rolling along while we are falling behind. The trillions that Bush added to our deficit is the principle reason we will have a bad economy.

  • Central_Law Feb 20, 2008

    "We are heading for tough economic times, yet George W "rain man" Bush says our economy is strong. He has ruined this country, but the next President, whoever it is, will be blamed because they will inherit this total mess.

    That's funny because when the economy crashed in 2000 everyone blamed Bush then too.

    Let's face the facts, presidents don't have that much influence over monetary policy or the economy. It is talk used to cow people who have no real education.

    Please explain to me how the mortgage crisis is the fault of GWB? This is hilarious.

    If you suggest that government oversight would have prevented "predatory lending practices" then you are simply implying that people are too stupid to make decisions on their own. Wait, that is the Democratic platform.

  • Handle With Care Feb 20, 2008

    We listed out home for sell the first of December, we had an offer with in the first week. The day before closing the buyers loan fell through.So it went back on the market for another month, it just sat there no one came to look at it (I think partly because it lost it's "New to Market Status")anyway after two months of making two mortgage payments I was ready to rent it out. My husband said no way and I'm so glad we waited.After 64 days on the market it sold.

  • Betty Girlie Feb 20, 2008


    Thank you for blaming the right people. As is GWB is directly to blame for the mortgage "crisis." The lenders who felt necessary to take a risk giving mortgages to people with bad credit (i.e. a history of not paying their bills) and to top it off ... 100% financing! If you don't have any equity in your home and you're given to not caring about paying your bills, it's not a big deal to just let the bank foreclose. You haven't lost anything but some credit score points and YOU DIDN'T HAVE THAT TO BEGIN WITH!
    This whole crisis, unfortunately, needed to happen. It's correcting itself now and, in a year or two, this mess will hopefully be behind us.

  • allison842 Feb 20, 2008

    Why would anyone spend $5000 a month to RENT something? You might as well PURCHASE a house at that price!

  • TOMMYG Feb 20, 2008

    We are heading for tough economic times, yet George W "rain man" Bush says our economy is strong. He has ruined this country, but the next President, whoever it is, will be blamed because they will inherit this total mess.