Put a price on your pad
If you're a homeowner you're probably feeling more than a little concerned with the current economic climate and it's effect on the housing market. Property prices have been plummeting and many people fear they are losing money. Over the course of this year it will be difficult to make any price predictions due to the volatile market. However, most likely we won't see an improvement for some time - maybe not until 2010 or 2011 - and in the meantime prices may decline further.
To get an idea of how much your house is worth, you can check online for estimates of property prices. This will also give you an idea of how much similiar properties have sold for and are being advertised at so you can guage what a buyer might be prepared to spend. For more in depth information such as viewings to sales ratios and the valuation service used by surveyors and mortgage lenders, you can use Hometrack's website, if you don't mind spending some money for their services.
Even during this current property slump many people are keen to sell their homes. Sales are being completed, although not at the inflated prices of the last couple of years and not as speedily either. Properties are being snapped up by European buyers who are in a prime position to buy since the euro is getting stronger against the pound. So if you are keen to sell your house at the moment, aiming for the European market might well be in your interest! Another option for those eager to sell is to do so independently, without going through an agent. Although this can be risky, you can save a lot of money in fees. Be sure to look up tips on improving your house's chances of selling and property advice.
The alternative, of course, is to stay put and wait until the market improves but this may not be a viable option for some people. Are you worried about your property devaluing or are you happy to ride the storm? Leave a comment and share your thoughts.
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