Is this a time to buy or sell property ?
Property has always been an interesting subject. The past few years are no exception. Just seeing all the websites on this topic proves it. Vaal Properties , a division of the Vaal Business Directory gives buyers and sellers a hub to make buying and selling properties much easier.
Over the last 10 years property values have seen enormous growth, and home owners have enjoyed increased capital value.
As so often in like, along with the good comes the bad. Home owners were temted to remortgage to the value of the equity available on their homes. Some folk did it to consolidate smaller debts. Others did it purely for luxury items such as swimming pools or vacations. Other folk do home improvements.
The bottom line is that over a period of a few years home owners found themselves mortgaging to the hilt. Along with that was the tendency to take hold of all the credit that was made available. While not the only reason, it was part of all the reasons that led into the current economic crises worldwide.
Finding suitable property to buy or to rent can be a daunting task in any scenario. Whether you are someone just looking to buy for an investment, or buy for your own use the question of finding the right place is often the single biggest hurdle to cross.
This has become even more true today, although Vaal Properties makes the process easier.
Whereas a few years ago it was a buyers market, financing property has become an issue. Repossessions are taking place at an alarming rate. Property values have reached an equilibrium, and in some cases even receded.
It has now become risky to buy property. You are not guarranteed any decent growth on your purchase for some time, and speculation and even reselling has become something to put on the backburner.
It is sad to see how many realtors have had to close up shop. Mortgage originators have followed suite. Many folk maintain that this is natures way of restoring the equilibrium. They also hold the theory that in a few years from now the years of plenty will be back. I hope they are correct, and I even support them because I am not a pessimist. I am a realist though, and the reality is that the buzzwords of yesteryear need to be carefully used today.
It is heartbreaking to see how many home owners are losing their homes. After years of work, many of them close to retirement, homeowners are having to give up and allow the banks to repossess their home.
May the tide turn soon.
