That takes off the pressure to line up a house in a hyper competitive market, racing against the clock so you have a place to move into before the sale of your home closes.
And it might not necessarily be a money loser, especially if have a great rate on your mortgage and live in a market like Greater Boston, where rents have been relentlessly rising.
Here’s what one agent had to say about this trend in a Redfin blog post that details the survey.
I’ve cut and pasted an excerpt.
“Many of my homebuying clients refinanced and locked in a very low mortgage rate in recent years,” said Redfin Baltimore agent Taylor Connolly. “That low rate, combined with a strong rental market, means they can charge more in rent than they pay in mortgage each month, so they are going for it,” Connolly said.
“My family is in the same boat; when we move up this year, we plan to keep and rent out our current home.”
But the benefit of renting is not just financial.
“Keeping their old home means they won’t have to risk becoming temporarily homeless like those whose homes sell quickly, but can’t find a new home before they have to move out,” Connolly said.
Meanwhile, 27 percent of those surveyed by Redfin say they won’t sell their house until they can find one to buy.
Ready to become a landlord? Have you rented out your house? If so, how’s it going?