Hi, hope you all are doing well. Today, while searching random things on Google, I suddenly noticed that Google suggested a query ‘how to sell house fast in today’s market’ to me. It was appearing in the search page as a suggestion – here is the screenshot.
I kind of liked the topic – How to sell house fast in Today’s Market? As I started thinking more on this topic I realised that there are two questions embedded in this string:
- How to sell house fast?
- How to sell house fast in today’s market?
What is today’s market? When one asks this question in the context of property selling they probably refer to the history of the property market of last couple of years. The property market started changing as the recession began rolling in and things have not changed much since then. Here are some factors which made the market what it is now.
- Gone are the days when people could get mortgage easily. There was a time when first time buyers could secure 90% finance. But now the compulsory deposit is quite high.
- Property prices are low, still buyers are not able to buy.
- NewBuy Guarantee mortgage scheme helps home buyers to buy newly constructed properties – this is not valid when someone buys old properties. This scheme has revived the market and encouraged buyers to buy new properties leaving distressed homeowners in bigger problem.
- From May 1, 2012 major banks increased the mortgage rates; mortgage holders have to make higher monthly payment which might not be affordable for all the borrowers. Hence repossession rate might go high.
- Negative equity is another big problem. Many households are in negative equity as the house prices declined and mortgage rates increased.
- Employment can energise the housing market; huge employment opportunity would be required to boost the property market. However, unemployment is still hovering over us.
It is clear that home buyers are not risk free; that is the main reason sellers are facing delays, uncertainties, broken chain and all. When less people are able to buy and banks are helping those who are buying new properties then there is no doubt that the second hand property market would be stiff.
To sell house fast, you might consider contacting the cash buyers. You can also check fast house selling tips and help articles to know your next step.
