subject: Consumers On Buying And Selling Homes [print this page] Since the credit crunch that affected the global economy a couple of years ago, the housing market has not been able to full recover. With banks making their lending policies more difficult for them to be approved, there is no real surprise in seeing that the buying and selling of homes has been quite slow for the past two years. A recent survey showed that in the last year alone there has been a decrease of house purchases by up to 67%. With the new government in place, there have been a few welcomed changes in home lending policies.
The government has worked closely with many private banks which have enabled them to start lending once again. This move has already seen a change in the housing market by increase in house purchases of up to 26% in this year alone.
Due to the way in which the economy is planning out, this would be seen as a good time to buy a house. Even though the market supports the idea of houses being purchased, if you are planning to buy a home, there are a few things that you have to be on the look out for.
One of the most important aspects that need to be considered when purchasing a house is the length of time that a particular property has been available for in the market. The longer a property is for sale in the market usually means that something is wrong with it. On average, most houses that go up for sale are usually sold within a maximum period of three weeks.
It is important to remember however that due to the economical downturn, many people cut back on their spending. As a result, many people were not willing to buy houses during the tough economical time. For this reason, when looking to see whether or not a house has been on the market for a long period of time; due to something being wrong with it or due to the financial crisis; it may be a good idea to get a house surveyor into action. The survey conducted on the house will tell you whether or not something is wrong with the property.
Even though the market is perfect for buying homes, one should try to avoid selling houses during this particular moment in time. The main reason why this is one of the best times to buy houses is due to the low market value price.
House prices have already dropped by 5% in the last year alone. This is expected to increase in the future but nothing is certain at the moment.
For this reason, it is highly advised that one should avoid selling their house in the current market. Selling a house in the current market will automatically mean having to settle for a lower market value for your house. A good alternative that could be considered for the time being is putting up your property for rent. This in effect would give you a decent return and will allow you to buy some time until the market falls into the perfect conditions for selling once again.
