is now a good time to sell your home,unlock the cash value and move into rented accomadation.
2007-03-14 05:20:31 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I read an article in the newspaper today that said housing prices are beginning to cool off. Furthermore the Base Rate seems to be holding inflationary pressures.
Perhaps now would be a good time. Personally I would wait to the next review of the Base Rate by the MPC.
2007-03-14 05:31:10 · answer #1 · answered by cadsaz 4 · 0⤊ 0⤋
From all of the reports I've seen in the news and on-line it is a Buyer's Market. What this means is that the housing market is flooded with homes for sale. Buyers can pick and choose the properties they want to purchase.
In addition to all of the people who are selling their homes, many homeowner's have gone into foreclosure and these properties are being added to the marketplace.
We just purchased a home and got it for $35,000 less than the asking price because the homeowner's wanted to sell the property because they were going to close on their new home at the end of the month.
I would look at your local papers and do some research in your area. You should be able to determine the local asking prices of properties and even the selling price. Real Estate transactions are public knowledge. Your local court house records the transfer of real estate deeds and this information contains the price that the home sold for.
For tax purposes you will not receive the benefits of being a homeowner when you are renting accommodations.
2007-03-14 05:34:18 · answer #2 · answered by kjasa95 2 · 0⤊ 0⤋
Your home is your biggest investment. The market in the UK is still on the rise. Unless you need to unlock the equity, sit tight for a while yet. Renting is a viable option if you don't want to own property. You could re-mortgage to an interest only mortgage and cut your monthly payments. That is the gamble that your property will increase in value so that when you sell at a later date you can pay off the capital sum and have an amount left over.
2007-03-14 06:26:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It all depends on the equity you have in your home and the amount you still owe.
My house value has dropped $30,000 in the last 2-years and I would break even if I sold at what the market is dictating.
Houses are selling as those around me who have 20-years of equity in their homes are able to sell at a profit and at what the market is dictating.
http://www.preferredpromoz.com/adlandpro.html
2007-03-14 05:37:05 · answer #4 · answered by JLMelvin 5 · 0⤊ 0⤋
Depends on where you live, the type of home and how much you bought it for. ( meaning how much a of profit will you make)
In many areas of the country, like the midwest for example, homes are having enormous troubling selling. Alot of people are taking loses. But in the Northeast here, the market still seems stong. Especially with Condos and townhomes.
2007-03-14 05:27:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Good question. I'm tempted to do a similar thing myself. I'd give it a couple of months because high spring gives a feel good factor to house buyers and you're more likely to get people who will fall in love with your property and pay over the odds for it. That's the dream of all property sellers!! I'd find something good to do with that cash though. I'm thinking of buying a franchise myself.
2007-03-14 05:34:50 · answer #6 · answered by Princess Paradox 6 · 0⤊ 0⤋
Not where I am. The housing market is in a slump.
2007-03-14 05:29:48 · answer #7 · answered by KathyS 7 · 0⤊ 0⤋
I don't see what you have to lose, name your price, if you don't get it, don't sell, wait until you get your price.
You can get rented accommodation anytime.
2007-03-14 05:49:15 · answer #8 · answered by budding author 7 · 0⤊ 0⤋