There are more people renting in Savannah Ga this year because of the credit tightening and the uncertainty in the market for people who may not be living here for over a year. I advise people who not be here for over a couple of years to consider renting, and for those who are on the fence financially, to consider a lease purchase.
There are a lot of options for straight renting and many real estate companies in Savannah with property management departments. Renting may be the ideal option for some, at least for a year or two.
However, if you don't like the idea of renting and your credit is on the borderline where lenders are denying credit until the scores have improved, lease purchase might be the best option. It helps to show lenders a track record of on time payments and you can go ahead and tie up the house you want while prices are stabilized. If there is indications, though, that prices are falling, you might want to rent and forego the lease purchase. However, here is Savannah GA, homes are not dropping significanly in price and some areas are seeing a small appreciation.
Usually with a lease purchase, a down payment is required and is non-refundable if you back out of the agreement. The amount of the downpayment is negotiable. A lease purchase agreement is simply an agreement to lease a home for a period then to purchase at the end of the lease period. They are difficult to find, but there may be a few more coming available if sellers are having difficulty selling their homes.
It's difficult to predict what the market is going to do in upcoming months; however, we do know that lenders are tightening up somewhat and looking at credit scores more closely.A lease purchase will allow you time to do the things necessary to improve your credit score. I work with a couple of investors who also have a plan to help buyers with lease purchase arrangements.
If you are interested, email me at Mike@MikeFarmerRealty.com and put Lease Purchase as the topic.
Mike from Savannah