Neighbor News
HENRY's Moving Into Newport Beach
High Earner Not Rich Yet (HENRY's) Are making Leasing a popular option in Newport Beach
It has become a trend. Business professionals moving into the Newport Beach area looking for high end Leases. They are creating a strong demand for homes for Lease in Newport Beach, Corona Del Mar, and Newport Coast.
Some are Families in transition who want to lease for a while before buying a Newport Beach home. They feel no sense of urgency about buying since the higher end real estate market and interest rates not moving anywhere quickly. Some have the monthly income to afford a $10,000 to $15,000 Lease, but not the financial strength to come up with the down payment.
These potential Tenants create an opportunity for Newport Beach Homeowners, especially those who have homes on the market For Sale with no offers at the price they want. Some Sellers simply missed the market by not getting their home on the market until later in the year. The busy time this year was Febuary-April. Inventory was low and demand was high. But that season has passed and now we have high inventory and low demand. So, it’s all downhill from here to the end of the year as demand drops off and inventory is left sitting unsold. Leasing might be a better option.
Find out what's happening in Newport Beach-Corona Del Marfor free with the latest updates from Patch.
Leasing creates options for homeowners in this situation because they can put a tenant in the home during the slower months and plan to go back on the market at a more favorable time for selling A one year lease with the Tenant to cooperate with showings the last 3 months is a good way to cover your costs and hit the market again next year. You can re-evaluate the market each year until you see prices reaching the level that would allow your home to sell for the price you want. If you have been occupying your home and it has not sold, Leasing it allows you to move on with your life, make your move, and sell at a better time.
So, for some homeowners, keeping the residential asset might be the better option. Once you discover how easy it can be to Lease a property, you might enjoy keeping the investment asset. The old saying goes "Never Sell Real Estate... Buy it!"
If you have a home you would consider Leasing, contact us for a no obligation consultation.
