I still remember my father-in-law stating that one of the worst things that could happen to a homeowner is to fall into negative equity. I have always dreaded the idea of my property being worth less than what was owed on it. It is just like owning a new car and the moment you proudly drive it off the forecourt, it has lost several percentage points in value. Coming back to property, this is the case for a lot of recent buyers (that is over the last 5-6 years), they got the 125% mortgage, bought and did up the house expecting the economy to carry on getting better. Then the bottom fell out…
Seven out of every ten houses placed on the market this year are still waiting to sell. This is as reported by the giant property website, Rightmove. That is a shocking statistic, really. I can only begin to imagine what it must feel like to be one of the people thinking desperately “I want to sell my home”. It just all seems to be happening at the wrong time. The economy is not in great shape so people are being made redundant which is making their mortgage payments incredibly difficult to maintain. This in turn leads to them choosing to sell their property and move into something cheaper whether this be a council property or just downsizing. This then brings them into one of the worst sellers’ market where they could be on the market for months on end. This of course is made worse by the fact that a person may be in negative equity, where this blog post began. So now what do you do? Even the ‘fast cash buyers’ will not be able to help as they will buy your house but only at a very low price. You would have to cover the shortfall. It begins to seem like there is no way out.
The truth is, there is a way out. There is a way to sell your property regardless of all the doom and gloom being touted everywhere. It all depends on your perception of things. OK, I am not saying everything is hunky dory, after all job loss, financial difficulties and looming repossession are definitely not easy situations to deal with. And there does seem to be a lot of these things around at the moment. There however is always hope.
You give me a call or fill in the form now and though I cannot give you financial advice, I have a solution for you.