Monthly archive for December 2018

Are You Financially Ready To Sell Your Home?

Are You Financially Ready To Sell Your Home?

For many home owners, it is all about being financially ready as the biggest sign that you’re ready to sell your home. This often comes down to one main factor; equity!

As we all know, there was a housing meltdown between 2008 and 2009 when millions of homeowners in the UK found themselves with negative equity. This means that homeowners found that they are in a situation where they owed more than their homes were worth.

When you have negative equity, it is a bad idea to sell your home. This is known as a ‘short sale’ and something that, as estate agents in Peterborough, we would recommend against doing. While breaking even on your home is better than a short sale, it still isn’t ideal.

However, we understand that in some circumstances selling your home when you have negative equity is the only option; for example, to avoid bankruptcy or foreclosure.

That said it is no longer all doom and gloom. For the last several years the values of homes have been on the rise. This means that homeowners are building equity on their properties, resulting in homes now being worth more than the homeowner owes. As this trend continues, homeowners will be able to pay down their mortgages, while the value of their home continues to increase.

A report created in the last quarter of 2016 showed that a huge 93.8% of mortgaged homes have a positive equity. It is likely we will see similar reports for the last quarter of 2018 too.

So how can you find out if you are financially ready to sell your home and if you have built up equity on your property?

It’s actually a lot easier than you might think.

Take out your latest mortgage statement and check your current mortgage balance. You then need to check how much your property is currently worth. Take the current mortgage value from the market value of your home and this will tell you, roughly, how much equity you have built up.

While it is tempting to use online valuation sites this will not give you a real idea of how much your home is worth. We would recommend that you call one of our professional and friendly estate agents in Peterborough around to complete an accurate and professional valuation on your home.

But how much equity is enough to be financially ready to sell your home?

Ideally you want enough equity to pay off your mortgage with some left over to put a 20% down payment on your next property. We would recommend this as the very minimum. If your sale can cover closing costs and moving expenses too, or enable you to put down an even large down payment then this is even better for you.

If you’re not sure if you’re ready to sell your home or have questions about putting your home on the market, then please contact us directly. We would be happy to discuss any queries you might have.

2019 Brings A New Year…And A New Home?

2019 Brings A New Year…And A New Home?

We’ve been looking at the most common New Year’s resolutions that people make each year. A national newspaper recently reported the top 50 New Year’s resolutions and we definitely feel that a few of these can be found on our own lists of resolutions for the New Year!

You won’t be surprised to hear that number one was to exercise more, closely followed by eat more healthily, cut down on alcohol, stop smoking and spending less time on internet and social media sites.

While we are unable to help you with the above resolutions, which are reportedly found in the top 10 resolutions made by most people across the UK, we can help with the resolution that was 14th most popular on everyone’s list last year. This was to move home!

January can be a really good time to put your home on the market, or go house hunting or look for a home to rent. The beginning of the year is a time that people take stock of their lives. They look at where they are in life, what they have achieved over the last year, and what they hope to achieve in the year ahead.

Homeowners know that spring can be a very busy time on the housing market and want to have their homes on the market before it gets congested and ideally sold by this time. It can be very hard for your property to stand out in a crowd in spring, but in January there is much less of a crowd of properties on the market, but far more people looking for properties.

In the spring and summer months we see a lot of ‘window shoppers’ who are thinking about moving house, but then go on holiday, throw themselves back into work, and the house hunt is forgotten. People think about moving house in summer, but often don’t make the move until much later in the year.

Many of the homebuyers we meet in the winter months are serious buyers and we often find homes are sold to them with far less viewings and they are keen to get moving quickly.

If you have ‘move house’ on your list on new year’s resolutions for 2019, then call us now and we can have a chat about the properties we have available that may be of interest to you.