Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · More Homeowners Are Renting Out Their Homes Instead of Selling Them · 20 Sep 2022 podcast

going ahead and moving to the new home, holding onto the old one and renting it out because, you know, rents are really high.

You can command a lot for a house.

And so it's become a stronger option for certainly some would-be home sellers, especially in places like California and Texas, where you've had a lot of buyers drop out of the market

And there are so many more people who are there and interested in renting a house.

And in fact, what we see is that, you know, at the same time, we know that that home sellers are more interested in renting out their homes.

You know, we see some stats showing that people are delisting.

Right.

So we see the homes coming off the market at a rate that is much higher than it was last year.

And, you know, some some portion of those people are likely renting out their houses instead.

Yeah, that's a great question.

I think the people that are most likely to do this, that are most likely to put their house up for rent when they move, are people in a very strong financial position who are not relying on the cash proceeds from that sale for their future down payment.

So that limits the scope of how many people are realistically doing this.

But if you aren't relying on the sale of your home for the down payment, renting can be pretty attractive, especially if you've owned your house quite a long time, you have a flat mortgage payment that's a lot lower.

than what people are paying now.

And the rents have been rising such that there's a good chance that the rent you're going to command is higher than your mortgage payment.

So not only are you getting your old mortgage taken care of, you may be even profiting on top of that.

So that's going to help you make mortgage payments on your new house, whether or not you needed the old house sale to pay for your down payment.

Yeah, I think we found both things.

So certainly some people would prefer to sell their previous house.

They saw prices reach a peak.

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