Sunday, July 08, 2007

Great Time To Be a Landlord

I enjoy watching the ebb and flows of the market. It amazes me how everything is connected. For example, mortgage interest rates have inched up over the past couple of years from 4-point-something to now 6.5 or so. And sub-prime mortgages have dried up. In other words, you have to have pretty good credit to buy a house today.

Guess what? Not as many people are buying houses these days. Two years ago, as you drove through Rochester streets, there were for rent signs on most every block. Today, that is not the case. I recently listed one rental over in Rochester's 19th Ward. I've had 22 phone calls in the past week and the only advertising I've done is put a sign in the yard. I have five houses for sale currently listed and I've not received 10 calls total on the five properties. I'd say it is a very good time to be a landlord.
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