Buyers Becoming More Risk Adverse - And Rentals Are Hard to Come By: Mott & Chace’s Rutley
Buyers Becoming More Risk Adverse - And Rentals Are Hard to Come By: Mott & Chace’s Rutley
“I think for the most part feeling super comfortable now about moving — selling their homes, buying new homes, except for one thing,” said Rutley. “You know, about fifty percent of the population, they don’t like to take risks. And when you’re in a situation where the house that comes on the market may or may not be turnkey and may or may not be priced right, are they able to make a jump within 72 hours to put an offer on the table, probably not.”
Rutley also spoke about how the housing shortage is impacting the rental market.
“Freddie Mac says that we need about 3.8 million homes in the United States just to make up for the housing everybody needs. That doesn’t have to be single family homes, it doesn’t need to be multi-families or condos - it can also mean rentals,” said Rutley. “So right now we’re seeing that rentals are really hard to come by.”
“Everything is renting really quick — we’re getting multiple offers on the very few rentals we support and there is a constant request for rentals when they’re listed,” he added. “So it’s a tough situation for people looking for housing across the board.”
Mott & Chace Sotheby's International Realty is a paid content partner of GoLocal and appears weekly on GoLocal LIVE.