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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: SouthFloridaGuy who wrote (1285)	12/31/2001 3:55:53 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Landlords are more realistic about prices than homeowners are in selling prices. Also, what you may be seeing are people who have to move but are renting their apartments out instead of selling them. If you are a landlord, just having the place empty for a couple of months shoots your profit for the year, especially if its winter and you have to heat it. With my rental properties if I get screwed and a tenant moves out in the winter with no notice, I don't even bother to advertise it because you can't rent it until spring around here. If you live in a place and are thinking of selling you can indulge in a bout of denial a little longer unless of course you lost your job or got transferred. A friend of mine just closed on a condo a few months ago and lost her job as of today, so she has three to six months of unemployment and savings before she's desperate. She should sell it today, but she won't. People will go heavy into the credit cards before they'll sell a house or condo at a loss that they just bought because they don't have the cash to add to the closing (you can't sell a property with a lien on it until you satisfy the lien), or they will rent it out. She looked for a year to find a place in NYC that she could afford to buy. If it weren't for 9/11 her payments would be almost the same to rent as they are to own.