Record wait to sell your home.
It seems there is some more bad news for sellers.Currently the average waiting period to sell a home is 5 months.This sounds like an extremely long time when you compare it to 2004 when the average waiting period was just over 1 month.This is all related to what has been happening in the last 2 years, the National Credit Act and the incredible interest rate hikes are among the reasons.
We all want to get the best price for our home and some may even face going into negative equity if they don’t, but if you can it may be prudent to re-evaluate your asking price as this may really help you out in the long run.There are a few reasons why a speedy sale is better, one of which is that you may end up paying the bond for your old home and the new home you may already have purchased.I am sure no one wants to end up paying an extra bond.
A seller should always be realistic and get advice from professionals who can advise them about all the pitfalls involved in waiting for your asking price in the specific market conditions you are faced with.
Some other information of concern is that in FNB’s latest barometer has indicated that there has been a major increase in homes being sold because the owner is immigrating.At the moment immigration accounts for 20% of house sales,this is more than double the 9% we saw at the end of 2007.The rate of immigration also shows no sign of slowing down and is second only to downsizing due to financial strain in the reasons for selling.
Most experts are still holding to their predictions that we will see an improvement in the housing market in the 3rd quarter of next year.That seems like a long way away and many homeowners may be giving up hope.There is help out there for anyone suffering under the strain of trying to keep up with the demands of paying a bond. Contact your lender before it is too late and inform them of your situation, sometimes they can offer a solution that really will work for you.
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