Renting gaining more popularity for home sellers and buyers
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Updated: 6:36 PM Dec 28, 2011
Renting gaining more popularity for home sellers and buyers
Jake Cozial and Cody Stewart say they are still too young to think about buying their own houses. Renting from month to month is a little more convenient for their income, they both agreed.
Posted: 6:23 PM Dec 28, 2011
Reporter: Kevin Hurd
Email Address: kevin.hurd@weau.com
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Jake Cozial and Cody Stewart say they are still too young to think about buying their own houses.

Renting from month to month is a little more convenient for their income, they both agreed.

Renting works for them and with the housing market in a sag, renting has become a short term answer for both buyers and sellers.

"Lots of time there's still enough equity in it so they still have a cash flow coming," said Colleen Matthews, owner of CPMC Property Management in Eau Claire.

Matthews says she has seen an increase in the number of homeowners with houses on the market renting their homes out instead of just letting it sit. The idea is to spend that time making money on their property.

"So it's not just paying their mortgage but they may be pocketing some money also," Matthews added.

It's a short term fix for most.

"They usually keep it on the market for about a year so," Matthews said.

After that, she says most want to put their home back up for sale.

"Definitely seen a trend in the Chippewa Valley of more people renting than purchasing," said Dave Fitzgerald, a realtor and president of the Realtor's Association of Northwestern Wisconsin.

He says the housing downturn created uncertainty for both buyers and sellers.

"People didn't want to buy knowing they might move in two years, three years or four years and then lose value," Fitzgerald added.

But there is hope for those who prefer to buy.

"Right now mortgage interest rates are just so low," said Fitzgerald. You have a real exciting thing happening for buyers."

He says people who can afford it and will stay in the place for a couple years or more could benefit by buying. Good news for people like Jake Kozial and Cody Smith.

"Right now I can't affod to buy a house," Kozial said. "Maybe after we graduate."