As a professional property manager for 13 years, and owner of Gavish Properties and Investments, Inc. in Spring Hill, Florida, I have learned that there are quite a few people who do not care to own a home. In America, and in the Real Estate business, we assume that everyone shares the American dream of owning their own home, but this is not the case. Many people who have good credit, good jobs, and money in the bank consider homeownership a lack of freedom, a burden, a shackle, and a hassle. While most of us think that it is the ultimate goal of every person, it is just not the case.
In today's real estate market, where many homeowners owe more money than their homes are worth, these career renters feel that their choice to rent is validated and they are relieved that they did not sink their savings into such an illiquid investment. There is a growing number of previous homeowners who are coming to the same conclusion.
Starting in 2005, many sellers decided to rent instead of pay the prices they knew were inflated. The chose to wait it out to see the outcome of the market where home prices were unsustainable for middle class workers. Today they are glad that they waited, and purchased a home for almost half of what they would have if they had not waited.
Conversely, many of those that puchased in the real estate boom in Florida, have lost or are losing their homes, and finding themselves in the position of having to rent for the first time in many years. They are in the process of rebuilding their careers, credit, retirement accounts, and will be renting for years to come. They are facing a difficult challenge of landlords who do not want their pets, and in my market, a limited amount of single family homes available to rent.
Landlords are finding that yesterday's homeowner is today's tenant and have a different mindset than career tenants, and many are adjusting their criteria to accomodate them. Many of these new tenants are finding that homeownership did not turn out to be dream they imagined and as they face a long, hard struggle back to financial recovery, are deciding they enjoy the freedom from stress and worry that tenancy affords. Quite an interesting phenomena as we live in a changing world.
For more information about Property Management in Spring Hill, Florida or have questions about renting a home, please feel free to contact me at 352-650-1029 or visit my website.
Keller Williams Realty Elite Partners
* 352-650-1029 *
Serving Florida’s Nature Coast * Hernando, Pasco & Citrus Counties