Saturday, October 11, 2008

Home Sale prices are down

If you can hold off selling your home, then it is better to do that, as the current housing market is not very bouyant, and house prices are low with not a lot of private buyers out there.

On the other hand there are a lot of investors who are taking advantage of the credit crunch to snap up houses at very low prices renting them out and will be selling them off at a profit when the housing market picks up again.

So where does all this leave the private home seller? Well if you are looking to sell your house because you want to move up the property ladder, this is not the right time, as you will not get the best price for your home. If you are trying to downsize because of financial pressure, then you are at the mercy of any home buyer that might be interested in buying your property (not that there is an abundance of them at the moment). You will have to assess your individual situation, and with some financial advice decide on how much you are willing to sell your home. Selling privately would save estate agent fees, but there is a lot more work for you to do in the current economic slump.