Rent-to-Own Programs Update – 2023
April 9, 2023
Here are some important update that I wanted to send out to everyone who may be thinking about buying a house in 2023.
The real estate market has shifted significantly after August 2022: which lead to the following changes.
1. Home prices tumbled (in some areas, by over $50,000-$100,000 per home) and they are still lower than they were a year ago. If you were buying a house with a loan, that would be a good thing, BUT when it comes to rent-to-own, this actually broke the rent-to-own model.
2. Both rent-to-own companies (Divvy Homes and Home Partners of America) started to suspend new home purchases last year and this situation is only getting worse at the moment.
3. Divvy Homes’ owned properties available for immediate rent-to-own move-in have become the most realistic option (for now) in terms of finding a rent-to-own house.
4. As a result, there has been a shift that may disrupt the plans for many people who were dreaming of becoming homeowners in 2023.
5. I have been switching many people who have 550+ credit scores to a new plan which puts them in more control of their home search process and for now is the best alternative to rent-to-own programs.
Please watch the videos below for more info.
The process of becoming a homeowner is a too economically important a topic to be left to the whims of the market. I recommend that people who were planning to do a rent-to-own in 2023 do this as soon as possible:
1. Sit down (or have a phone call) with Elena to develop a strategy that would work for your specific situation in the current market
2. Watch the next video on 550+ credit scores.
3. Prioritize improving their credit scores if their credit scores are below 600 fico. If you need help with your scores, connect with me.
